Extracts from Lords debate on Aid: Anti-Corruption Measures - Apr 2t

Lord Collins of Highbury (Lab):...At the end of last year, the G7’s Financial Action Task Force gave the UK its highest ever ranking in recognition of the initiatives taken to help tackle corruption at source. The UK has created the first open data register of beneficial ownership, introduced measures of accountability for senior bankers and passed laws requiring individuals to explain unexplained wealth. But are these measures enough? The National Crime Agency describes the scale of the problem as,

“a strategic threat to the UK’s economy and reputation”...

The Minister of State, Department for International Development (Lord Bates) (Con):...In addition to supporting change in developing countries, the UK must also ensure that we have our own house in order and that we are not a safe haven for corrupt money. We have a good story to tell here, although we should not be complacent. DfID funding has enabled the National Crime Agency to investigate and prosecute money laundering and bribery overseas where there is a UK link. Since the programme began, 30 people and companies have been convicted of corruption offences and almost £800 million of assets stolen from developing countries have been restrained, confiscated or returned to the developing countries...

To read the whole debate, CLICK HERE