UK told to tighten supervision in territories

A group of British lawmakers has called on the government to improve financial supervision in several of its overseas territories.

The Public Accounts Committee, a cross-party group of 16 parliamentarians, said on Thursday that regulatory standards in most of the UK's 14 territories were poor compared to standards achieved in the three crown dependencies - Guernsey, Jersey and the Isle of Man.

The report cited a lack of investigative capacity to scrutinise suspected money laundering activity,