TIPS Newsletter | Sept 2022: Economic Crime Bill 2.0: Companies House reform welcome but gaps still

Updated: Oct 3

Dear TIPS Member,


In March 2022, the Economic Crime Act (the Act) was brought into law swiftly as part of the UK’s response to Russia’s invasion of Ukraine. A key aim of the Act was to increase transparency over the beneficial ownership of overseas entities that own property in the UK. On the passing of the Act, TI-UK noted that enforcement would be essential. TI-UK previously identified a number of ways in which the then Economic Crime Bill could be strengthened.


On 22 September 2022, the UK Government tabled the so-called Economic Crime Bill 2.0 (the Bill), which aims to strengthen the Act, improve transparency and reinforce the UK’s tools to counter money laundering. Key updates proposed by the Bill include:

  • Granting Companies House new powers to verify the identities of those setting up firms and the ability to flag suspicious activity to law enforcement (see TI-UK’s related publication At Your Service); and

  • Granting the Solicitors Regulation Authority enhanced disciplinary powers, including to impose unlimited fines on firms and individuals.

TI-UK has welcomed the Bill, but also identified a number of gaps that remain. We recommend that you read TI-UK’s latest blog on the Bill here.


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


- the TIPS team

 

1. Upcoming Events (register on our Events page)


TIPS Monthly Talk - In Conversation with Camila Tort: The role of youth in fighting corruption | 25 October 2022 | 7-8pm BST


Mission Possible: Operation Synthetic Identity Fraud | 4 October | 5pm BST


Energy and the Russia-Ukraine War: Sanctions, Markets and Infrastructure | 18 October | 5pm BST


How to Conduct Crypto and Token Financial Crime Risk Assessments | 20 October | 12pm BST


The Sustainable & Social Investing Conference 2022 | 27 October 2022 | 9.30am - 5pm BST


ABC Minds International | 8 - 9 November 2022 | 9am - 6pm GMT

 

2. Recent Events


TIPS | September Virtual Talk | Rethinking Anti-Corruption in Latin America and Beyond | Laura Alonso


On 27 September, the TIPS monthly talk was led by Laura Alonso, former head of the Anti-Corruption Office in Argentina and anti-corruption expert. Laura encouraged us to re-think and re-frame our anti-corruption efforts to find better solutions, such as using data science, social psychology and promoting stronger leadership. An engaging Q&A discussion followed in which attendees discussed the power of critical thinking in combating the issues Laura raised.


Many thanks to Laura for her insights and James Ford for expertly moderating!


 

3. Jobs Board


Policy Associate, Solicitors Regulation Authority, London. See here.


Senior Anti-Corruption Specialist, Oxfam, Remote. See here.

Financial Crime Prevention Assistant, networx, London. See here.

 

4. Items of Interest


TI publications.

- How Open Government Partnership Members can counter covert foreign political finance. See here.

- The connections between corruption, autocracy and human rights in Latin America. See here.

TI blogs.

- Power to the people: Open data solutions to Government opacity during Covid-19. See here

- Recognising progress in the fight against corruption. Stories from Africa. See here.

- TI-Ukraine: Anti-Corruption as a critical condition for sustainable recovery. See here.

- Projects: Civil Society Advancing Beneficial Ownership Transparency. See here.


Podcasts.

- RUSI: Economic Crime: A Consensus Issue. Listen here.

- The Dark Money Files: Fraud, intents and purposes. Listen here.

- Should anti-corruption commission hearings be public? Listen here.

- NextGen Talks: Social Change and Innovation with Seng Choon Koh. Listen here.


Other items.

- Global Witness - Decade of Defiance: Ten years of reporting land and environmental activism worldwide. See here.

- To Be a Responsible AI Leader, Focus on Being Responsible. See here

- Corruption in Soccer: SFO drops the ball. See here.

- Fighting financial crime - the force multiplier effect. See here.

- The impacts of corruption on LGBTQI+ rights. See here.

- The lawless world of crypto scams. See here.

- USAID: Dekleptification guide. Seizing windows of opportunity to dismantle kleptocracy. Full report. See here.

- How the Big Four shape ESG disclosures. See here.


TI publications.

- Hidden Costs: US Private Military and Security Companies and the Risks of Corruption and Conflict. See here.

- Investing with Integrity. See here.

- Promoting Integrity, Ensuring Security. See here.


TI blogs.

- Restoring Trust in Our Lobbying System. See here.

- The Development Case for Business Integrity in Impact Investing. See here.

- Bottle Laundromat: How Take Trades and British Shall Companies Helped move $820 million of Hot Money Out of Russia. See here.

- Randox Contracts Investigation highlights Need for Lobbying and Procurement Reform. See here.

- Call to Conservative Leadership Candidates: Promote Integrity to Ensure Security. See here.


Podcasts.

- Building a Compliance Program Dashboard. Listen here.

- Corruption Risks in Public Procurement and the Potential of New Technologies. Listen here.

- Fraud, Intents and Purposes. Listen here.


Other items.

- New Register to Crack Down on Dirty Money and Corrupt Elites in UK Goes Live. See here.

- Ex Punjab Minister Bharat Bhushan Ashu Arrested From Salon On Corruption Charges. See here.

- Olaf Scholz’s Popularity Slumps to Record Low After Memory Lapse Over Corruption Scandal. See here.

- Paraguay’s vice president to stay on after corruption accusations. See here.

- Haruyuki Takahashi: Tokyo 2020 Olympic Official Accused of Taking Bribes. See here.

- Bill O’Reilly: News Media ‘Rife With Incompetence and Corruption’. 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...

Jan-Peter Westad,

Associate Director,

Highgate

TIPS Committee Member




Why did you get involved with TIPS?


I discovered the TIPS Network earlier this year when working on a pro bono anti-corruption project with TIPS founder James Ford. As a former journalist and now a consultant with a global advisory firm, I find anti-corruption work has the most impact when people from different disciplines come together to share their passion and expertise. TIPS provides a brilliant platform for young professionals to start building these relationships, which I hope will benefit the anti-corruption community for years to come.


Please describe your experience as part of the TIPS Network.


Having joined as a committee member in July, it’s early days. Still, my first committee meeting and last month’s event with former head of Argentina’s anti-corruption office Laura Alonso have made me excited to get more involved. To learn from such an informed group of professionals is a great opportunity, and I’m looking forward to developing the network in new areas, particularly among journalists.


Connect with Jan on LinkedIn here.

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