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TIPS Newsletter | Oct 2023 - UK Economic Crime and Transparency Bill Becomes Law

Dear TIPS Member,


On 26 October 2023, the Economic Crime and Corporate Transparency Act received royal assent. The new law adds to the reforms in the Economic Crime (Transparency and Enforcement) Act 2022, emergency legislation laid in response to Russia’s full-scale invasion of Ukraine, which aimed to bring transparency to foreign ownership of UK property. The landmark legislation has made it harder for corrupt individuals to abuse UK companies to hide the proceeds of their crimes, and this will strengthen the existing regime by:

  • Empowering Companies House to verify the identities of the owners of UK companies;

  • Making it harder for kleptocrats to silence journalists through ‘SLAPP’ suits;

  • Introducing a new ‘failure to prevent’ offence for corporates that commit fraud.

TI-UK has commented that there is still work to be done and has identified certain gaps that still leave UK companies vulnerable to abuse. The UK Government has published a Factsheet on the new law.


Please see below the TIPS Newsletter for October 2023. We look forward to seeing you soon.


- the TIPS team

 

1. Upcoming Events (register on our Events page)


TIPS Careers Panel: Careers in Tackling Economic Crime | 7 November 2023, 6.30pm GMT


TIPS Event | Corruption Risk Management in International Projects | 21 November 2023, 7-8pm GMT


'Dictionary of Corruption' Book Launch | 7 December 2022 | 6.30-9pm GMT

 

2. Jobs Board


- Global Media and Communications Consultant, TI-UK, London. Apply here. - Counter Fraud Team Leader, Civil Service, England. Apply here.

- Senior Manager, ESG Strategy, HSBC, London. Apply here.


3. Items of Interest


TI publications.

- Reform the anti-money laundering and counter terrorism financing supervisory regime. See here.

- Latest Ministerial Meeting Data Published on Open Access. See here.


TI blogs.

- OGP Summit 2023: Lessons from transparent and accountable governance. See here.

- ACOBA reform delays increase ‘revolving door’ corruption risk. See here.

- Transparency campaigners welcome Reeves’ commitment to tackle legacy of Covid fraud. See here.

- TI Russia presents its study of the market of crypto-to-fiat money mules. See here.


Podcasts.

- Kickback: The state of practice in the corruption field: insights from leading global thinkers. Listen here.

- ESG Now: There’s AI in my boardroom. Listen here.

- The State of Anti-Corruption Enforcement in the UK. Listen here.


Other items.

- Dr Stephanie Hare BBC interview on AI Safety Summit. Watch here.

- Measuring State Capture. See here.

- Spotlight on Corruption Impact Report 2019-2023. See here.

- Corruption, Extremism and the crisis in Israel: Some tentative thoughts on possible connections. See here.

- UK Anti-SLAPP coalition: A landmark moment- but we can’t stop here. See here.

- Frontier AI: capabilities and risks discussion paper. See here.

 

4. 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!

 

5. 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...

Prasanna Amarasinghe


Manager, Forensic Investigations Team, Grant Thornton

TIPS Member




Why did you get involved with the TIPS network?

The detrimental effect of corruption impacts not only business growth and trust in government, but every segment of society. Eradicating corruption is something we should all work together to solve. Transparency International is a leading organisation in this fight. The advocacy work and campaigning they have undertaken have made a real difference.


I joined TIPS because it attracts like-minded people with diverse backgrounds and skill sets and encourages them to share experiences and ideas to address this common goal.


Please describe your experience as part of the TIPS network.


My experience as part of the TIPS network over the past year has been incredibly enjoyable and rewarding. I have met very interesting professionals from many different organisations They have given me a different perspective on the issues I am passionate about. It has also been a great learning experience, as the events have always been insightful, with speakers from across the world, including activists, whistleblowers, and industry experts.


Connect with Prasanna on LinkedIn.

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