RUSI’s CFS Releases Policy Brief on Tackling Illicit Finance in the UK

The brief comes as the UK Government’s upcoming Anti-Bribery and Corruption (ABC) Strategy, Comprehensive Spending Review (CSR), and 3^rd Economic Crime Plan (ECP) all present key opportunities to drive strategic change in the approach to combatting illicit finance.

Key recommendations from the brief include:

➡️ Appointing a cross-departmental minister with a comprehensive mandate focussed on tackling illicit finance;

➡️ Conducting a review of the Economic Crime Strategic Board (ECSB) participation and transparency to improve the system of economic crime governance;

➡️ Bolstering the capacity for government to coordinate cross-cutting policy focussed on illicit finance;

➡️ Reforming the mechanism of funding to promote interdepartmental collaboration and reduce siloed working;

➡️ Driving cultural change in tackling illicit finance to strengthen trust and relationships between key stakeholders; and

➡️ Aligning strategic planning, resourcing, and delivery to mitigate the structural constraints currently hampering the illicit finance agenda.

✅ Firms engaging with government to shape the illicit finance agenda should review the brief, incorporating the recommendations where appropriate to drive systemic improvement in the legislative and regulatory framework.