Thank you, Mr Chair, and my thanks to the Finnish Delegation for starting this cycle of Mediterranean Partners meetings with this important topic.
The UK recognises that corruption and illicit finance threaten national security and prosperity and undermine democracy and open societies.
Russia’s invasion of Ukraine has brought into sharp relief the threat posed to our societies by kleptocracies, and highlighted the need to reinforce our response to illicit finance both at home and overseas. Last year saw the UK Government introduce the Economic Crime (Transparency and Enforcement) Act to tackle foreign criminals using UK property to launder money and enhance sanctions enforcement; and we established the Combating Kleptocracy Cell.
In this regard, the UK is also fully committed to recovering and returning corruptly-obtained assets. This must be done in accordance with legal due process, which can take time, but ensures a fully fair and transparent process.
In 2021 the UK launched the new Global Anti-Corruption sanctions regime, allowing the Government to impose asset freezes and travel bans on those involved in serious corruption around the world. In recent years we have brought in additional civil powers, such as Unexplained Wealth Orders, to require a person to explain the sources of their wealth, and Interim Freezing Orders, which allow the freezing of assets while investigation is ongoing.
Mr Chair, we need international action so that the major financial centres are making reforms in tandem. Otherwise illicit finance will just ‘displace’, from jurisdictions with high transparency and effective law enforcement, to areas with poor transparency and law enforcement.
We encourage all participating States to give due consideration to civil measures, and to recognise UK civil orders where possible. This gives law enforcement a further tool to tackle criminal assets.
Finally, we are determined to ensure that Russia is made to pay for the damage it has caused in Ukraine. The UK Government is considering all possible options for seizing Russian-linked assets in the UK that could be used to pay for reconstruction in Ukraine. Any policy must be safe, robust and compliant with the rule of law.
Thank you.
