Billions of tax lost as UK illicit finance summit delayed again

Tens of billions of tax revenue estimated lost during illicit finance summit delays

• Almost £40bn in tax revenue estimated to be lost across the UK and Africa as government delays UK illicit finance summit for a second time
• The UK government was due to host an international summit on illicit finance in December 2026, but has been beleaguered by delays and a lack of action
• A political letter on behalf of 4,875 MPs spanning 42 African countries has been sent to Foreign Secretary Ed Miliband and Chancellor John Healey urging action on dirty money and corruption, alongside meaningful representation for African countries at the illicit finance summit.

19 October 2026, London – The UK’s illicit finance summit has been delayed yet again, with it now expected to take place alongside the G20 in 2027, hosted in Manchester. As news of the delay emerged, Tax Justice UK – using new research tracking illicit financial flows from the Tax Justice Network – has found that the UK and the African continent are estimated to lose tens of billions of pounds in tax revenue related to illicit financial flows during that time.

Countries worldwide are being deprived of essential tax revenue and t is estimated that the UK will have lost £31bn in the period from June 2026 to November 2027, more than the entire Transport Department budget. Meanwhile the African continent will have lost £5.2bn, more than Rwanda’s 2024 central government total expenditure.

Alongside the research, a multi-thousand-strong network of former and current parliamentarians and civil society members across 42 African countries has written to Ed Miliband and Jon Healey, supported by Tax Justice UK, urging the UK government to take ambitious action that tackles dirty money and corruption at the upcoming international summit on illicit finance.

They argue that illicit financial flows hit lower-income countries hardest and are costing African countries’ economies $88bn each year. The letter proposes the UK, as host of the summit, recognise that tax abuse is part and parcel of illicit financial flows. It goes on to state that the UK’s financial system and professional services – including lawyers and financiers – play a key role in enabling this to continue, asking the UK government to tackle international tax abuse as a core focus of the summit itself.

The signatories of the letter represents a platform he African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT) which “unites legislators across the continent to advocate for stronger tax systems, combat illicit financial flows, and promote inclusive economic growth“. The plea to the UK government comes as the flagship moment to tackle illicit finance – the international summit – has been beleaguered by delays. It was originally due to take place in June 2026, but was delayed until December of this year.

In the intervention, APNIFFT sets out the urgent need for the UK to make further progress to ensure that its Overseas Territories and Crown Dependencies – widely regarded as tax havens – implement transparency measures that publicly show who owns assets parked in them. These are called Public Access Registers of Beneficial Ownership and they prevent asset owners and tax havens from operating under a veil of secrecy. Progress on implementation by the UK government and its Overseas Territories and Crown Dependencies has stalled.

Research from the Finance Innovation Lab earlier this year shone a light on the issue, finding that £325 billion of illicit finance flows through the UK, closer to £800 billion when you include the UK’s Overseas Territories and Crown Dependencies. Demonstrating the strength of feeling that the UK needs to act, the MPs state that “this is an outsized British problem, facilitating money being stolen from Africa and Africans.”

Chenai Mukumba, Executive Director, Tax Justice Network Africa said:

“Africa’s development challenges cannot be addressed without tackling tax-related illicit financial flows (IFFs). The UK Summit on Illicit Finance is an opportunity to draw global attention to these matters and support the work of the Africa Group at the UN to deliver inclusive concert commitments on tax transparency, beneficial ownership, asset recovery, and addressing systemic drivers of IFFs.”

Hon. Jean Galvanis Mgassiyombo, Chairperson, APNIFFT said:

“Illicit financial flows (IFFs) continue to erode African tax bases, deepen debt, and undermine development. The African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT) believes that the UK Summit on Illicit Finance presents a critical opportunity for leaders to move beyond rhetoric in the fight against IFFs and commit to concrete actions on drivers of tax-related IFFs including corporate transparency, beneficial ownership, and asset recovery. APNIFFT remains committed to collaborating with international partners to dismantle the architectures of illicit finance and secure genuine prosperity for African economies.”

Caitlin Boswell, Deputy Director at Tax Justice UK said:

“This government needs to get to grips with dirty money and its real life consequences, with the UK and Africa losing out on billions of pounds a year in tax revenue because of illicit financial flows. That’s less cash for our communities, our healthcare systems, and other public services. Instead of kicking the can down the road once again, this Summit must be a place for action, not just another talking shop. Ed Milliband and Jon Healey must put down a clear marker and demonstrate their leadership by ramping up the ambition, working with international colleagues, and showing they won’t accept Britain facilitating – and its professional services enabling – dirty money any longer.”

Lloyd Hatton, Member of Parliament for South Dorset and member of the APPG on Anti-Corruption and Responsible Tax , said:

“Dirty money fuels crime on our streets and conflict overseas, so, despite the delay, I am glad the Government is still determined to host an Illicit Finance Summit in London. We should now use this extra time as an opportunity to get it right – working with civil society and international partners to deliver tough action. Getting this right really matters for our national security, our public services and our communities – it is time to finally stop the flow of dirty money.”

Steff Aquarone, Member of Parliament for North Norfolk, said:

“I’ve been really concerned that the Government continues to drag its feet on tackling illicit finance, and I’ve made that case repeatedly in Parliament. Illicit finance is not some Whitehall buzzword or meaningless concept – it’s got real-world implications that my constituents and people across the country see daily. Tackling illicit finance tackles the stream of dodgy vape shops on the high street, tackles dirty money in our politics, and tackles the lack of funds to pay for public services. If the Government want to deliver change people can see and feel, then getting tough on illicit finance is a no-brainer.”

[Ends]

Notes to editors

• Tax Justice UK is one of the country’s leading campaigning and advocacy organisations working to bring about progressive tax reform. We campaign for a fairer tax system that takes more from the very wealthy. A tax system that actively redistributes wealth to tackle inequality; that funds high quality public services that we all rely on; and raises money to tackle climate change and doesn’t subsidise environmentally destructive business. Tax Justice UK is an independent partner of the Tax Justice Network. 
• The African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT) is a membership-based network that unites Members of Parliament from across Africa who are committed to addressing illicit financial flows and promoting tax justice on the continent.
• Methodology for the Tax Justice Network illicit financial flow tracker tool can be found here.

Figures using the Tax Justice Network illicit financial flow tracker are as follows:

• Letter in full