LONDON: Individuals involved in some of the world’s most serious cases of corruption will no longer be able to channel their money through UK banks or enter the country thanks to new sanctions announced by the Foreign Secretary today.
The UK has, for the first time, imposed asset freezes and travel bans against 22 individuals under the new Global Anti-Corruption sanctions regime which gives the UK unprecedented power to stop corrupt actors profiting from the UK economy and exploiting our citizens.
Corruption hurts individuals and undermines global trade, development and the rule of law. Over 2% of global GDP is lost to corruption every year, and corruption increases the cost of doing business for individual companies by as much as 10%.
Corruption also threatens our national security by exacerbating conflict and facilitating serious and organised crime, creating space for terrorist and criminal groups like Daesh and Boko Haram to operate.
