RUSI Experts Welcome New Criminal Finances Bill
RUSI experts last week welcomed the UK government’s new Criminal Finances Bill but urged the government to maintain its commitment to delivering the Anti-Money Laundering Action Plan.
Tom Keatinge, Director of RUSI’s Centre for Financial Crime and Security Studies said, ‘this Bill is a crucial next step on the Government’s journey to upgrade the UK’s financial crime-fighting architecture and provide a response that matches the scale of threat. But we cannot rely on legislation alone. Momentum in implementing the AML Action Plan must be maintained, addressing the under-resourcing and effectiveness of the UK Government’s capability.’
Published last Thursday, following wide consultation over the past 18 months, the Criminal Finances Bill contains several important legislative initiatives that will allow both public and private sector actors involved in efforts to disrupt money laundering, corruption and terrorist financing to operate more effectively including: transforming the information sharing and disclosure relationship between public and private sectors and significantly improving the capability to recover the proceeds of crime, including international corruption.
Tom Keatinge added: ‘This Bill should be roundly welcomed and addresses some key weakness in the current regime. However several material outstanding deficiencies must be addressed prior to the Financial Action Task Force evaluating the UK next year, in particular staffing of, and investment in, the UK government agencies responsible for tackling financial crime and the continued inefficiencies of the Suspicious Activity Reporting regime. As the Home Affairs Committee emphasised in July, the Government’s financial-investigation skills shortage needs to be addressed and the under-investment in technology is deeply concerning. We cannot rely solely on new legislation, however effective and welcome this may be.’
Further information available at: https://www.gov.uk/government/collections/criminal-finances-bill
Latest News from
Budget fails acid test to level up: IPPR North responds to the Budget and Spending Review27/10/2021 16:35:00
Jonathan Webb, a senior research fellow at IPPR North responded to today’s Autumn Budget
Institute of Economic Affairs: Autumn Budget 2021 response27/10/2021 16:15:00
Mark Littlewood, Director General at free market think tank the Institute of Economic Affairs, commented on the Chancellor’s Autumn Budget 2021
Adam Smith Inst - Spendy Sunak: The ASI responds to Budget 202127/10/2021 15:15:00
The Adam Smith Institute’s Head of Programmes Daniel Pryor responded to Chancellor Rishi Sunak’s 2021 Budget
Public sector pensions cost £57bn per year more than is declared, finds new IEA research26/10/2021 13:35:00
Public sector pensions cost £57bn per year more than is declared, finds new research
Adam Smith Inst - Global minimum tax could cost Britain billions26/10/2021 12:35:00
Minimum global corporate tax will undermine sovereignty and key Government policies
There should be greater caution in setting minimum wages, says IEA expert26/10/2021 11:35:00
Professor Len Shackleton, Editorial and Research Fellow at free market think tank the Institute of Economic Affairs, commented on the Chancellor’s plans to raise the minimum wage to £9.50 an hour
IFS - School spending per pupil highest in Scotland, lowest in Northern Ireland26/10/2021 10:35:00
In the current year (2021–22), core school spending per pupil is expected to be highest in Scotland (over £7,500), similar levels in England (£6,700) and Wales (£6,600), and lowest in Northern Ireland (£6,400).
IEA - UK Climate Change Committee in urgent need of reform, says new research26/10/2021 09:35:00
A new paper, published by the Institute of Economic Affairs (IEA), puts the UK’s Climate Change Committee – and its activities – under the spotlight. Its author, IEA Head of Regulatory Affairs Victoria Hewson, concludes that the CCC has expanded well beyond its statutory obligations and acts in an overtly political way. It has failed to communicate and, at times, purposefully suppressed, the full cost of its proposed climate policies.
JRF - Large-scale study reveals scale of debt crisis among low-income households21/10/2021 13:35:00
A large-scale study of households on low incomes has revealed the extent of the debt crisis hanging over the UK’s poorest families as the country braces to weather a cost-of-living crisis.