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Senior representatives of international governments joined key business leaders on 6 December 2022 to discuss the recent steps taken and the need to continue the strong stance.
Speakers include US National Security Advisor Jack Sullivan, Moldovan President Maya Sandu and World Bank President David Malpass.
Her Excellency Ambassador to the US Karen Pearce represented the UK and spoke at the event. She said:
Russia’s invasion of Ukraine has shown that corruption is a threat to global stability, our democratic societies and our collective security.
Illegal money and corruption are used deliberately to gain access and influence in the UK and countries around the world, threatening our democratic institutions, our politics and our policies.
We need to redouble our efforts to counter these threats. We must advocate for stronger transparency in our financial system, investment in law enforcement capacity and cooperation at the international level.
We must also be honest that we have been complacent in the past. Our priority is to take more domestic action to tackle corruption and illicit money in all its forms.
The Security Minister, Tom Tugendhat, is overseeing the UK’s wider response to the threat posed by illicit money and corruption.
This response includes the Economic Crime and Corporate Transparency Act which is going through the parliamentary process.
It will build on the Economic Crime (Transparency and Enforcement) Act, introduced in March 2022, to further tackle criminals, criminals and terrorists in the UK’s financial system.
The new bill also includes reforms to Companies House, which will prevent abuse of limited partnerships. It will also provide powers to seize crypto assets more quickly and make representations to combat money laundering.
The Security Minister said:
Illicit money and corruption pose a serious threat to global stability, and our national security depends on taking decisive action.
This starts at home. The UK has put in place the strongest sanctions of any G20 country against Russia’s invasion of Ukraine.
Our new legislation, and the upcoming publication of our anti-corruption strategy and UK economic crime plan, means we will continue to take tough action against those who seek to threaten our way of life.
The threat posed by transnational corruption requires a global response. The US National Security Adviser’s commitment at the conference to support important legislative changes will strengthen anti-money laundering regulation in the US.
We need to continue working bilaterally and multilaterally to protect our way of life.
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