The Home Office has updated on the first year’s progress against the UK’s anti–corruption strategy. The update concludes that the commitments made have largely been met, and that the UK is on track to deliver its remaining commitments. including those due in 2019, notwithstanding Brexit.
The report highlights a number of points of interest to the regulated sector:
- the FATF report, and its recognition that the UK has the strongest controls of any country assessed to date;
- the increase in the SFO’s core funding;
- the Registration of Overseas Entities Bill;
- the intention to use SAMLA in relation to publicly accessible registers of beneficial ownership of companies in the UK overseas territories;
- a programme to make SARs more efficient and effective – and the drive to make professional advisers more engaged with the risks they face;
- the start of the UWO regime; and
- global anti-corruption initiatives.