Here’s how to stop foreign corruption | Opinion
after Russia escalated its invasion of Ukraine. But it’s significant that the special Treasury licenses that allowed Prigozhin to harass Higgins were authorized under the leadership of current U.K. Prime Minister Rishi Sunak, who headed the Treasury at that time as chancellor of the Exchequer.
Corrupt wealth accumulation at this scale fuels instability and equips kleptocratic actors with the resources to buy influence, intimidate critics and opponents, and launder their personal reputations, as I argued in a recentWhile Western governments recognize their own countries’ enabling role in facilitating money laundering by foreign corrupt actors, it has proved much harder to build and sustain the political will to close legal loopholes and adequately support investigative and enforcement...
Financial service industries beyond the banking sector, such as lawyers, real estate agents and investment brokers, aren’t legally required to conduct due diligence to ensure their clients’ financial holdings are derived from a legitimate source. These industries and their professional associations should voluntarily adopt stronger ethical standards, or policymakers must adopt legal requirements, to ensure due diligence is conducted in financial industries that kleptocrats exploit.
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