Britain has called on the international community to refine its approach to tackle corruption, with Chancellor Philip Hammond urging the world’s top economies to tighten the screws on dirty cash, which he says is being used to fund rogue regimes.
“We must shine a light into the darkest corners of global finance, crackdown on corrupt cash and ensure that as terrorists and criminals become ever more sophisticated, the international community stays one step ahead,” Hammond said.
Hammond’s announcement, made ahead of G7 and IMF meetings, emphasised the need for more effective sanctions regimes, and the need for banks to be on alert.
He also said the The UK will be increasing the size of its Treasury sanctions unit by almost 20% to nearly 40%.
The unit, called the Office for Financial Sanctions Implementation (OFSI), detects and investigates breaches of sanctions.
“International sanctions are an effective defence against illegal behaviour, but criminals and regimes can adapt. The international community must now refine its approach to tackling corruption, which costs the global economy $2.6 trillion,” a UK Treasury statement said.
Photo: EU2017EE Estonia Presidency