NRA: Top lines

Question 1

NRA Intro/ overview

Why does the UK attract corrupt assets?

Answer 1

Due to the UK’s role as a global financial centre and connection to tax havens, it is unsurprising that the UK is a major intermediary or ultimate destination for corrupt assets.

Question 2

What are TI’s top 5 recommendations?

Answer 2

1. Coordinate the UK’s law enforcement and international liaison activity (on grand corruption) into one organisation
2. Consider creating a new illicit enrichment law to restrain assets when connected to unexplained wealth
3. Pursuing corruption cases even where the origin state is defensive against the corruption allegation
4. Enable the rapid freezing of assets in post-revolutionary situations.
5. Improve regulatory monitoring, enforcement and meaningful sanctions across all relevant sectors, particularly in the property sector.

Question 3

Is there a problem?

Answer 3

There are major problems with the effectiveness of the UK AML regime for detecting, pursuing and deterring corrupt capital flows. In summary, inputs of effort and money into the system are not producing effective outcomes.