FOR IMMEDIATE RELEASE:
December 9, 2024
Read this release on our website

Ambitious New U.K. Anti-Corruption Strategy Provides Sharp Contrast to U.S. Backsliding in Global Dirty Money Fight

Plans for an "Illicit Finance Summit" and U.K. Commitments on Beneficial Ownership Transparency, Professional Enablers Demonstrate Strong Political Leadership

WASHINGTON, DC - Yesterday, December 8, the U.K. government released its long-delayed new anti-corruption strategy, including new commitments to tackle money laundering through anonymous shell companies and professional enablers. The new Strategy - launched a day before today's International Anti-Corruption Day - was welcomed by U.K. civil society as "the most wide-ranging and ambitious effort to tackle the threat of corruption to the U.K. in years..."

The U.K. government's renewed focus on the fight against corruption as a key component of the nation's economic and national security stands in stark contrast to the current situation in the U.S., where the Trump administration has systematically dismantled core pillars of U.S. anti-money laundering and anti-bribery frameworks.

Ian Gary, FACT executive director, said in a statement:

"While the U.K., one of our nation's historically closest allies, is doubling down on the fight against corruption and money laundering, in 2025 the U.S. has taken harmful decisions which increase financial secrecy and allow dirty money to easily flow through the U.S. financial system.. From illegally eviscerating the Corporate Transparency Act, to delaying long-awaited new rules to fight money laundering through private equity markets, the administration is hobbling its own stated priorities of combating fentanyl traffickers, fraudsters, and foreign adversaries.

"This new strategy from the U.K. government shows that they understand what FACT and other civil society voices have always said - that corruption and dirty money hurt everyday citizens. If the Trump administration is serious about combating drug trafficking, providing a level playing field for America's small business, and protecting our economy from exploitation by bad actors, it should reverse course and work alongside longstanding allies such as the U.K. to shut the door on dirty money."

Notes to the Editor:

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Read the new 2025 UK Anti-Corruption Strategy here.

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The UK also announced it will host "a major international summit" dedicated specifically to combating illicit finance from June 23-24, 2026. According to the government's press release, the Summit will "forge new agreements to tackle modern methods for moving dirty money, such as laundering in the property sector, misuse of crypto-assets, and trading in illicit gold."

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Read a more thorough analysis of the new Strategy by Transparency International UK, a FACT ally, here.

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The UK Anti-Corruption Coalition's reaction can be found here. Also see a reaction from Spotlight on Corruption here.

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For more information on the U.S. Treasury's rollback of key anti-money laundering provisions, see the following:

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Treasury Reopens the Floodgates to Dirty Money in the U.S.

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FACT Joins Chorus of Opposition to Treasury's Gutting of Landmark Financial Transparency Law

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FACT Submits Comments on Investment Adviser Rule Delay

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About the FACT Coalition

The Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair and honest tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impacts of corrupt financial practices.

For more information, visit www.thefactcoalition.org.

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