Source · Select Committees · Foreign Affairs Committee
Second report - The cost of complacency: illicit finance and the war in Ukraine
Foreign Affairs Committee
HC 168
Published 30 June 2022
Recommendations
9
Acknowledged
Para 22
Journalists, however, are not the only truth-tellers who need protection.
Recommendation
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 …
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Government Response 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.
Foreign and Commonwealth Office
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Conclusions (3)
3
Conclusion
Acknowledged
Para 12
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 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 the numbers of UWOs that are made and applied for.
16
Conclusion
Acknowledged
Para 39
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 …
Government Response 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.
17
Conclusion
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: …
Government Response 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.