Yvette Cooper pledges to combat global corruption as the UK readies to host a significant summit targeting illicit financial activities. The Foreign Secretary highlighted the use of questionable funds not only in fuelling crime within the UK but also in supporting Russia’s illegal incursion into Ukraine, stressing the need for a united international effort to eradicate this issue.
Scheduled for June next year, the event coincides with the UK’s forthcoming release of its pivotal Anti-Corruption Strategy on Monday. In an interview with the Sunday Mirror, Ms. Cooper emphasized how dirty money contributes to crime domestically and fosters conflict and instability abroad, despite its mostly unseen nature.
The summit aims to establish stringent international measures to address the movement of dirty money, focusing on three key channels: illicit gold funding Russia’s actions in Ukraine, property acquisitions used by criminals to conceal funds, and the growing use of crypto-assets by people smugglers to hide profits.
Set to occur at Lancaster House in London on June 23-24, the Illicit Finance Summit will gather government officials, civil society groups, and private sector representatives, including major banks, to confront the global circulation of illicit funds. Additionally, a £3 million funding package will aid Transparency International, the Organized Crime and Corruption Reporting Project (OCCRP), and the Anti-Corruption Data Collective (ACDC) in uncovering how corrupt individuals amass illicit wealth and exploit the international financial system.
Recent investigations by the OCCRP have exposed activities such as Balkan drug traffickers using banana shipments from the family business of the Ecuadorian president to smuggle cocaine into Europe. This funding will further empower investigative journalists to reveal corruption schemes, like the one that defrauded victims of over £200 million in the UK and abroad earlier this year.