UK ministers call for international approach to financial crime
Delegates from the United Kingdom have urged a global approach to tackling financial crime, calling for international cooperation, investment, and transparency at the International Anti-Corruption Conference in Washington D.C.
The Conference featured global business leaders and senior representatives of governments from across the world, with key speakers including US national security advisor Jake Sullivan, the president of Moldova, Maia Sandu, and the president of the World Bank Group, David Malpass.
The UK delegation emphasised reliance on a global approach, with Karen Pierce, His Majesty’s ambassador to the US, stating: “We need to redouble our efforts to counter these threats. We must advocate for stronger transparency in our financial systems, investment in law enforcement capability, and cooperation internationally.”
Tom Tugendhat, minister of state for security, highlighted measures currently being taken by the UK but stressed the need for an international response, saying: “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, however, requires a global response.”
The calls come in the wake of the Economic Crime and Corporate Transparency Act, which is currently going through the Parliamentary process, having been overseen by Tugendhat. They also follow chancellor Jeremy Hunt’s Edinburgh Reforms, which have been labelled as the biggest overhaul of financial regulation for several decades.
Responding to the developments, industry expert Dr Henry Balani, head of industry and regulatory affairs at Encompass Corporation, commented: “Calls for international cooperation to combat financial crime are well founded, given the global nature of this issue. As well as in relation to the regulatory landscape, reforms and enforcements, which bring the need to work cooperatively across borders, this should also relate to the role of technology.
“A pertinent issue in financial services is the need to overhaul infrastructures to improve the accuracy and efficiency of Know Your Customer (KYC) processes. Financial institutions should look to leverage regulatory technology tools that interoperate across multiple customer and transaction data sets, while also respecting data privacy for each jurisdiction. With cloud technology and tools powered by automation, institutions can embark on digital transformation journeys that help to ensure continued regulatory compliance, as well as supporting business growth, thus, these solutions also have a major part to play in tackling financial crime.”
