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UK Must Follow Through on G7’s Commitment to Combat Illicit Finance

News, 14 June 2021
Centre for Financial Crime and Security Studies, Taskforce on a Transatlantic Response to Illicit Finance (TARIF)
Last night the G7 concluded its summit in Cornwall with a commitment to tackle illicit finance and corruption. In reaction, Tom Keatinge, Director of RUSI’s Centre for Financial Crime and Security Studies, said:

‘We welcome the inclusion of illicit finance in the G7 communiqué, putting corrupt actors and kleptocrats worldwide on notice. Illicit finance undermines international security and can only be defeated when governments act in unison. 

However, in contrast to the leadership in this global fight against corruption and kleptocracy demonstrated by President Joe Biden in his speech at the G7 and in follow-up communications released by the White House, it is disappointing to see the lack of explicit commitment from Prime Minister Boris Johnson, beyond the official communiqué. 

It is our hope that this was not simply a “box ticking” exercise for the prime minister, and that the UK will demonstrate serious commitment, and partnership to match.  As a global financial hub, the UK is in a unique position to drive change in this fight. Working in tandem with the US at this crucial time offers a real opportunity to make meaningful progress in tackling global illicit finance. 

Of course, the G7 commitments must now be translated into action. That is why RUSI’s Centre for Financial Crime and Security Studies has established a Taskforce on Transatlantic Responses to Illicit Finance to channel new ideas into the policy debate over the next 12 months’.

Photo courtesy of Number 10 Downing Street.

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