RUSI Taskforce Urges the US and UK to put ‘houses in order’ on illicit finance

30 July 20212 Minute Read

In its first meeting, RUSI’s ‘Taskforce on a Transatlantic Response to Illicit Finance’ (TARIF) focused on domestic policy actions – with international implications – that will serve as an essential first step in leading the global fight against illicit finance.

The taskforce also explored topics from technology solutions to real-time information sharing and proactive horizon scanning.

Tom Keatinge, Director of RUSI’s Centre for Financial Crime and Security Studies said:

If the US and UK truly want to lead in the counter-illicit finance space, they must think and act outside of the box. This means being honest about their own existing deficiencies and having the courage to be radical in revamping the system, both at home and via their membership of multilateral bodies such as the Financial Action Task Force.

Tom Keatinge

Director, CFS

There are immediate actions that both countries can take. This includes implementing policies on beneficial ownership, company registries, taking on enablers and assessing and investing in existing internal capabilities.

Liz David-Barrett, Director, Centre for the Study of Corruption, University of Sussex and TARIF Member said:

In the UK we need to invest more in enforcement, equip those agencies with the resources so they can actually go after cases, investigate them, and give them a bit of a stronger hand against what we know are often really well resourced and lawyered up kleptocrats on the other side. If we want the balance of power to be in the least bit fair, we need to beef up our own enforcement capacity.

Liz David-Barrett

Director, Centre for the Study of Corruption, University of Sussex and TARIF Member

The first TARIF meeting took place on 27 July and included 39 experts and practitioners from both sides of the Atlantic. Sessions examined:

the vulnerabilities in the US and UK that are exploited by kleptocrats and other malign actors;
where US and UK responses excel and what can be learnt from each other; and
the shared principles that could guide US and UK policymakers and practitioners in strengthening the ‘home base’.

Casey Michel, Adjunct Fellow, Hudson Institute Kleptocracy Initiative and TARIF Member stated:

We’ve already seen the realities of how illicit finance destabilises countries and how it accelerates inequality across the world. These kinds of kleptocratic or corrupt networks are not simply operating ‘over there’. Because of the ways illicit finance operates in the 21st century so much of it finds a home in the US and in the UK; and as we’ve seen over the past few years, it affects policy decisions and broader politics. Now is the time to reinforce the transatlantic partnership, get our own houses in order, and expand upon that momentum to bring in other partners and create the kind of global infrastructure that makes sure the best days of kleptocracy, and illicit finance are behind us.