The U.K. is introducing tougher safeguards and compliance checks in its latest drive to cut down on financial crime and stem the flow of dirty money that continues to be laundered by British businesses, facilitated by accountants and lawyers. Experts warn that the government’s plans mean companies will need to review their compliance around anti-money laundering controls and anti-bribery policies as regulatory scrutiny increases.
The U.K.’s anti-corruption strategy, announced December 8, will “shut out corrupt actors, disrupt dirty money and restore integrity in public life” by targeting corrupt networks at home and abroad. The other key areas of focus are to tackle the areas where the U.K. has proved vulnerable to identifying or combatting corruption, and to work with international partners to combat illicit money-flows globally.
