Last week UK Chancellor of the Exchequer Philip Hammond, announced three steps that the UK will take to “tackle dirty money” internationally and “tighten the financial screws on rogue regimes and corruption”:
1. Increased UK sanctions team – the size of the UK Treasury sanctions unit (OFSI) will be increased by nearly 20% to 40 people.
2. The UK will provide strong support for G7 agreement on North Korea sanctions – calls for a crackdown on North Korean illicit finance by stopping access to the international financial system via back door of bogus companies and artificial ownership structures.
3. Chancellor calls on IMF to target international corruption by using their Article IV assessment process (“an invaluable tool that speeds of economic reform”). The Chancellor announced that the UK would be one of the first to volunteer for this new level of scrutiny.