$7bn – £5bn – has been lost by African countries due to delays to the international summit on money-laundering, research shows.

This comes after it was earlier reported that around $41bn – £30bn – in tax revenues for the UK will be lost between June 2026 and November 2027, due to the Illicit Finance Summit – first pledged by the Labour government in 2024 – being delayed until next year.

In its 2024 general election manifesto, Labour pledged to “work with our allies and international financial centres to tackle corruption and money laundering, including in Britain, Crown Dependencies, and in British Overseas Territories”.

The Foreign Office insisted it wanted the summit to be “impactful” and bring together the right partners. The latest delay is due to Andy Burnham taking over as Prime Minister in July, insiders said.

However a letter to Miliband and Chancellor John Healey, signed by 4,875 parliamentarians from 42 African countries, calls on them to take urgent action against dirty money and corruption.

The MPs also said they wanted to see meaningful representation for African nations at the summit.

The letter claims that the UK’s financial system and professional services sector – including lawyers and financiers – play a key role in enabling this to continue.

The signatories of the letter represent the African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT).

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 Miliband and John 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.”

Jean Galvanis Mgassiyombo, chair of 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.”

Lib Dem MP Steff Aquarone 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 wants to deliver change people can see and feel, then getting tough on illicit finance is a no-brainer.”

Shortly before becoming Foreign Secretary in 2024, David Lammy raised concerns about the UK being used for money-laundering.

He said many lower-income countries “see us handing aid in one hand but offering the loopholes to safely asset strip the very countries we are seeking to develop in the first place”, adding: “The United Nations estimates that some $88.6 billion is leaving Africa every year. This is higher than the roughly $53 billion which Africa receives in aid every year.”

The then Conservative government had turned the UK into a “money laundering superpower”, Lammy added.