UK urges international approach to tackle financial crime
Delegates from the UK have called for a global approach to tackling financial crimecalling for international cooperation, investment and transparency at International Anti-corruption conference in Washington DC
The conference featured global business leaders and senior government representatives from around the world, with keynote 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 Great Britain the delegation emphasized relying on a global approachwith Karen Pierce, His Majesty’s Ambassador to the United States, stating: “We must redouble our efforts to counter these threats. We must advocate for stronger transparency in ours financial systems, investment in law enforcement capability and international cooperation.”
Tom Tugendhat, Prime Minister for Security, highlighted measures currently being taken by Great Britain but emphasized the need for one international reply, saying: “Our new legislation, and the forthcoming publication of our anti-corruption strategy and Great Britain Economic Crime Plan means we will continue to take tough action against those who try to threaten our way of life. However, the threat posed by transnational corruption requires a global response.”
The talks come in the wake of the Economy Crime and the 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 labeled the biggest overhaul of financial regulation for several decades.
Reacting to the development, industry expert Dr Henry Balani, Head of Industry and Regulatory Affairs at Encompass Corporationcommented: “Calling for international cooperation to combat financial crime is well justified, given the global nature of this problem. As well as in relation to the regulatory landscape, reforms and enforcement, which bring the need to collaborate across borders, this should also relate to the role of technology.
“A relevant case 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 respecting privacy for each jurisdiction. With cloud technology and tools powered by automation, institutions can embark on digital transformation journeys that help ensure continued regulatory compliance, as well as support business growth, thus these solutions also have a major role to play in tackling financial crime.”
