The government committee said complacency and ineffective action has meant Russian assets are being laundered through the City of London despite the war in Ukraine.
The report also concluded that Russians believe the UK is a"safe haven" for their"corrupt wealth", adding that the government was unwilling to push forward legislation to stop the flow of dirty money.
"Without the necessary means and resources, enforcement agencies are toothless. The threat illicit finance poses to our national security demands a response that is seen to be serious."
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