Chancellor calls for international approach to tackling corruption

Philip Hammond is to use the G7 and IMF meetings in Washington this week to call for:

  • international agreement on denying North Korea access to finance. He wants all jurisdictions to push their banks and insurance companies to be more alert to spotting new methods of deception that attempt to bypass restrictions; and
  • the IMF to target global corruption. He is calling on IMF to use its assessment process to speed up global reform and has said the UK is happy to volunteer for the level of scrutiny the IMF assessment process provides for.

He is also to announce an increase in funding for OFSI.