TIPS Newsletter - Oct 2022 | New TI-UK Report Exposes Potential Scale of Abuse from LLPs

Updated: Nov 1

Dear TIPS Member,


TI-UK has published a new report “Partners In Crime” that analyses the potential sale of abuse from UK Limited Liability Partnerships (LLPs) in economic crime. The report is the first of its kind to expose the scale of abuse into this type of company. Data from Companies House and more than 50 corruption and money laundering cases have been used to investigate the involvement of UK legal entities in financial crime. Key findings from the report include:

  • 21,000 (14%) of all LLPs set up between 2001-2021 showed three or more money laundering red flags;

  • An interconnected network of 15,000 LLPs (10%) was controlled by pairs of omnipresent offshore corporate partners; and

  • 44% of LLPs were registered across just five offices, often alongside hundreds and sometimes thousands of other companies.

Register for TI-UK’s Annual Event! Note that TI-UK is hosting its annual in-person major event on 9 November 2022 “The role of media in exposing corruption: are we losing the battle?” with an esteemed expert panel. It promises to be a fascinating discussion on a highly important topic. Reserve your spot here.


Please see below the TIPS Newsletter for October 2022. We look forward to seeing you soon.


- the TIPS team

 

1. Upcoming Events (register on our Events page)


TIPS | Career Paths to Fighting Corruption | 22 November 2022 | 6-7pm BST


TIPS Monthly Talk | The Race to Zero: Reflections on COP27 | 1 Dec 2022 | 7-8pm BST


Women in Tech Policy: Glass ceilings and sticky floors - not in the metaverse! | 8 November 2022 | 4-5pm BST


Making Anti-Corruption Real: How to Stop Wasting Money and Start Making Progress | 25 November 2022 | 4-5.30pm GMT



 

2. Recent Events


TIPS | October Virtual Talk | The role of youth in fighting corruption | Camila Tort


On 25 October, the TIPS monthly talk was led by Camila Tort, UNODC YouthLED Integrity Advisory Board member and Consultant at the OAS. Camila emphasised the importance of educating ourselves and others to help create the leaders of tomorrow in the anti-corruption community. She also shared the important work of the UNODC Global Resource for Anti-Corruption Education and Youth Empowerment (GRACE) . An engaging Q&A discussion followed in which attendees discussed engagement and inclusion across the anti-corruption sphere.


Many thanks to Camila for her insights and Stella Cooper for expertly moderating!


 

3. Jobs Board


Head of Finance and Technology, TI-UK, London. See here.


Anti-Bribery and Corruption (ABC) United Kingdom & Ireland (UKI), Deutsche Bank, London. See here.


Analyst, Financial Crime Compliance, Exiger, London. See here

 

4. Items of Interest


TI publications.

- Partners In Crime Report. See here.

- Exporting Corruption 2022: Assessing Enforcement of the OECD Anti-Bribery Convention. See here.

- Overcoming Governance Challenges In International Health Financing. See here.


TI blogs.

- UK No Longer an Active Enforcer of Foreign Bribery As Global Enforcement Hits Historic Low. See here.

- Response to Conservative Party Leadership Results. See here.

- Trust Issues: 9 Fixes to the Global Standard on Beneficial Ownership on Transparency. See here.

- TI-UK- New Trustees Announced. See here.


Podcasts.

- Community In AML: The Fintech Fincrime Exchange (FFE) Story. Listen here

- Everyone Hates ESG. Listen here.

- Regulatory update- regulation in the age of uncertainty. Listen here.


Other items.

- Putin’s War Drives Corporate Litigation Risks. See here.

- OFAC-OFSI | Enhanced Partnership. See here.

- The OECD’s Crypto Asset Reporting Framework (CARF). See here.

- RUSI: The UK and the Chinese Technological Challenge. See here.

- Harvard Law School Forum on Corporate Governance: ‘What’s ESG Got to Do With It?’. See here.

- Does monitoring technology reduce rule breaking and (oh no) make compliance officers obsolete? See here.

- Where are the Techno-Democracies? See here.

- Strengthening public procurement through data analytics. See here.

- A U.S Court Just Opened A Huge Loophole in Anticorruption Campaign Finance Laws. See here.

- Brazilian Anticorruption Experts Weigh in on Presidential Election. See here..

 

5. One Minute Reads


New One Minute Reads have been uploaded to the TIPS website. Please do click the link to read more – perfect for your morning/evening WFH coffee break!

 

6. Support TI-UK directly by joining Friends of TI-UK!


As a friend of TI-UK you will receive updates from TI-UK directly about TI-UK's ground-breaking research & advocacy campaigns. Your subscription will also support TI-UK's ongoing work across the UK, Business, Health, Defence & Security initiatives. Find out more here.

 

7. Focus on...

Molly Vaughan

Associate Manager,

Kroll Advisory Ltd

TIPS Committee Member







Why did you get involved with TIPS?


I’ve always been involved in the anti-corruption and fraud field through working at HMRC, the Serious Fraud Office, and Kroll’s Forensic Investigations practice. I recently heard about the TIPS Network when I was introduced by a colleague to the founder, James Ford. I felt that my views and interests were aligned, and I was keen to lend my skills, expand my knowledge and, most importantly, raise awareness of a really inspirational initiative.


Please describe your experience as part of the TIPS Network.


Since joining the committee, I’ve had the pleasure of brainstorming with the head of the TIPS Network’s advocacy initiative lead, Stella Cooper. I’m looking forward to working together to update the network’s website, newsletter and one-minute reads – watch this space!


Connect with Molly on Linkedin.

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