Leading by example in the global fight against corruption
In 2021, the Covid-19 pandemic will continue to demand the attention and efforts of world leaders. As vaccines help tackle the spread of the virus itself, addressing the economic impact of the pandemic will become increasingly important. As one of the most efficient and effective ways to deliver fairer, more stable, and more sustainable economies and societies, tackling illicit financial flows will be critical to any recovery agenda discussed at the G7 and beyond.
With fighting corruption also a key focus of President Biden’s planned Summit of Democracies and the subject of a United Nations General Assembly Special Session, taking tangible steps is more important than ever. The UK should use tools already at its disposal by including corruption in the sanctions regime, ensuring an effective programme for global asset recovery and return, and showing continued leadership on global beneficial ownership transparency, particularly in the Overseas Territories.
The development of Free Trade Agreements with countries around the world provides a further opportunity to send a strong message about the UK’s values. Including anti-corruption provisions would both protect the UK’s economy and reiterate the UK’s commitment to a rules-based international order; there can be no space for the criminal or corrupt if the UK is to forge a successful path outside of the European Union and be a force for good in the world.
The UK Government should:
Promote anti-corruption measures at the G7 and COP26, with a particular focus on the need for corporate, extractives, and procurement transparency.
Include robust anti-corruption provisions in Britain’s Free Trade Agreements, to defend British businesses, infra- structure, and services from corrupt and fraudulent actors.
Ensure that the anti-corruption sanctions regime is ambitious, targets senior politicians with assets in the UK, and has strong oversight built in through an independent panel of experts.
Continue to encourage the UK’s Overseas Territories to implement beneficial ownership registers by the 2023 deadline.
Facilitate the accountable return of stolen assets, and ensure that full statements on returns, disaggregated data on corruption related returns, and relevant court documents are in the public domain.