Recommendations & Conclusions
5 items
3
Conclusion
Second report - The cost of complacency…
Acknowledged
Recent changes to the Economic Crime (Transparency and Enforcement) Act 2022 seek to make it easier to apply for UWOs, but a law is only as effective as its enforcement.
Government response AI summary
The Government notes the conclusion and states UWOs are one of several tools to investigate and recover proceeds of crime. Reports on the use of UWO powers will be publicly available, and the Home Office will draft and lay an annual report in Parliament covering …
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Foreign, Commonwealth & Development Office
9
Recommendation
Second report - The cost of complacency…
Acknowledged
Journalists, however, are not the only truth-tellers who need protection. They often rely on whistle-blowers inside companies and organisations. These whistle-blowers need protection. The FCDO should therefore push for a Whistleblowing Bill to offer protection to those who speak out against, or uncover, economic crimes and other wrongdoing.
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Journalists, however, are not the only truth-tellers who need protection. They often rely on whistle-blowers inside companies and organisations. These whistle-blowers need protection. The FCDO should therefore push for a Whistleblowing Bill to offer protection to those who speak out against, or uncover, economic crimes and other wrongdoing.
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Government response AI summary
The government agrees that an effective whistleblowing framework is important and has committed to a review of the whistleblowing framework, and is considering the scope and timing of this review.
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Foreign, Commonwealth & Development Office
15
Recommendation
Second report - The cost of complacency…
Acknowledged
The FCDO has vast experience, through the merger with DFID, of running illicit finance programmes internationally and gathering critical intelligence to assess security risks. The FCDO should be present at the table in international fora on illicit finance, such as the Financial Action Task Force. Appointing a Minister for Economic …
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The FCDO has vast experience, through the merger with DFID, of running illicit finance programmes internationally and gathering critical intelligence to assess security risks. The FCDO should be present at the table in international fora on illicit finance, such as the Financial Action Task Force. Appointing a Minister for Economic Security with cross-Whitehall responsibility for the multiple strands of work on countering corruption would go some way to demonstrating the Government’s commitment to ending kleptocracy in the UK. It would provide meaningful accountability to Parliament for delivery of a comprehensive strategy. The Government should study lessons from US legislation such as the ENABLERS Bill currently before Congress, and the Countering America’s Adversaries Through Sanctions Act (CAATSA) for protections which could be aligned with UK legislation. (Paragraph 38) Conclusion
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Government response AI summary
The government acknowledges the importance of addressing economic crime and security, stating that there is effective governance of these efforts and that they will continue to review and strengthen governance arrangements. They state that HM Treasury leads the UK delegation to the FATF, drawing on …
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Foreign, Commonwealth & Development Office
16
Conclusion
Second report - The cost of complacency…
Acknowledged
We will continue to monitor the Government’s progress on the next Economic Crime Plan, the Economic Crime Bill 2 and Companies House reform. We will look at how effectively the UK continues to maintain pressure on Russia through sanctions and, more critically, how the Government enforces its sanctions so that …
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We will continue to monitor the Government’s progress on the next Economic Crime Plan, the Economic Crime Bill 2 and Companies House reform. We will look at how effectively the UK continues to maintain pressure on Russia through sanctions and, more critically, how the Government enforces its sanctions so that they have the intended impact of crippling the Russian war machine and deterring those who would aid Putin’s regime.
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Government response AI summary
The government notes that the Committee will continue to monitor progress on the Economic Crime Plan, Economic Crime Bill 2, and Companies House reform, as well as the effectiveness of sanctions against Russia.
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Foreign, Commonwealth & Development Office
17
Conclusion
Second report - The cost of complacency…
Acknowledged
It is deeply regrettable that it has needed a war for the Government to make progress on long-promised plans to tackle the flows of illicit finance through London and beyond. While sanctions remain in place, freezing the corrupt wealth of President Putin’s supporters, now is the time to take action: …
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It is deeply regrettable that it has needed a war for the Government to make progress on long-promised plans to tackle the flows of illicit finance through London and beyond. While sanctions remain in place, freezing the corrupt wealth of President Putin’s supporters, now is the time to take action: to strengthen legislation against enablers; to adequately resource the National Crime Agency and other bodies The cost of complacency: illicit finance and the war in kraine 27 responsible for bringing criminal cases to trial; and to coordinate strategically with our allies and others, particularly the US, so that those with dirty money no longer have a place to hide it. (Paragraph 40) 28 The cost of complacency: illicit finance and the war in kraine
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Government response AI summary
The Government notes these conclusions and states that it has taken robust action over the last decade and will not tolerate the Kremlin’s business model of stealing in Russia to then spend and save in the West, including the UK.
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Foreign, Commonwealth & Development Office