The UK Government has introduced wide-ranging measures to tackle corruption at home and abroad ahead of the International Anti-Corruption Conference (IACC) in Copenhagen, where the UK will call on international partners to join them in tackling systemic global corruption.
At the conference, the Department for International Development, alongside the Prime Minister’s Anti-Corruption champion, John Penrose MP, will launch an international campaign to promote transparency of company ownership.
The UK Government will urge countries to follow the UK’s lead and ensure every company registered in their country publicly discloses their real owner.
International Development Secretary, Penny Mordaunt, said: “Corruption destroys governments, economies and public services by taking money away from society and lining the pockets of ruthless criminals.
"That’s why we are bolstering our work on tackling corruption both here at home and in the most fragile states in the world, giving these criminals nowhere to hide. Dealing with endemic corruption in developing nations is vital for our national security and in creating trading partners for the future. It is a win for the developing world and a win for the UK.”
Ms Mordaunt has called on countries to work together to create a new “global norm” whereby a critical mass of nations will publish who actually owns the companies that are registered in their country.
The Department for International Development (DFID) also announced funding aimed at furthering the UK’s work on anti-corruption and international illicit finance which included a sum of £2.6 million to support the International Budget Partnership (IBP), an organisation that reports on the transparency of government budgets. This helps measure global progress on budget transparency and tackling corruption.
Additionally, a £2 million contribution was made to the International Organization of Supreme Audit Institutions Development Initiative (IDI), an organisation which strengthens governments’ audit institutions – particularly fragile states in Africa, curtailing corruption. This helps transform countries into "the trading partners of the future", and builds on the Prime Minister’s landmark visit to Africa in August.
This follows the publication of the UK Anti-Corruption Strategy in December 2017 which set out how tackling corruption is crucial to UK national security, to international prosperity, and to building citizens’ trust in government.
Earlier this month, there was a further boost to the UK’s fight against corruption at home and overseas when the Court of Appeal lifted anonymity on the target of the UK’s first Unexplained Wealth Order, the wife of an Azeri banker jailed for defrauding a state-owned bank. She spent £16 million in Harrods, and is now obliged to explain how she sourced that wealth.
The Court of Appeal’s decision has set a precedent which will act as a deterrent for individuals looking to use the UK as a destination for illegal funds.
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