Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

UK sanctions 22 individuals linked to corruption

UK sanctions 22 individuals linked to corruption

The UK has imposed sanctions on 22 individuals, 14 of them Russians, involved in notorious corruption cases under a new anti-corruption regime.

Individuals across South Africa, South Sudan and Latin America were also targeted with the asset freezes and travel bans.

Foreign Secretary Dominic Raab told MPs the UK had an important role to play in combating corruption.

He also described the country as a "honey pot" for "corrupt actors".

The new regime means 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, a statement from the Foreign, Commonwealth & Development Office said.

Sanctions were imposed on people from six countries, including:

*  14 Russians involved in a massive tax fraud uncovered by the lawyer, Sergei Magnitsky, who later died in custody

*  Three businessmen - the brothers Ajay, Atul and Rajesh Gupta - accused of serious corruption in South Africa

*  Sudanese businessman Ashraf Seed Ahmed Hussein Ali - dubbed Al Cardinal - accused of misappropriating state assets in South Sudan

*  And three individuals accused of serious corruption in Honduras, Nicaragua and Guatemala

This is the first time the UK has imposed sanctions for international corruption.

Russian lawyer Sergei Magnitsky died in prison after revealing tax fraud

Announcing the sanctions in the House of Commons, Mr Raab said: "Corruption has an immensely corrosive effect on the rule of law, on trust in institutions, it slows development, it drains the wealth of poorer nations, it keeps their people trapped in poverty. It poisons the well of democracy around the world."

He added: "Our status as a global financial centre makes us an attractive location for investment... but it also makes us a honey pot, a lightning rod for corrupt actors who seek to launder their dirty money through British banks or through British businesses."

Mr Raab said the new sanctions regime, taken partly in tandem with measures in the US, would provide "an additional powerful tool to hold the corrupt to account".

'Cosy relationships'


Labour welcomed the announcement, but said law enforcement needed the resources to support investigations, describing the current rate of prosecutions for economic crime as "woefully low".

Shadow foreign secretary Lisa Nandy said: "If he's serious about what he's saying today he needs to put his money where his mouth is."

She also criticised a "tangled network of financial interests and cosy relationships in the heart of government".

"We need to know that this announcement isn't just a gloss on the surface of a grubby system which underneath signals business as usual," she said.

Meanwhile, US Secretary of State Anthony Blinken backed the new regime, as the country also introduced its own corruption sanctions.

He said: "Together, along with other allies and partners, we will seek to promote our shared values with similar tools. Corrupt actors, and their facilitators, will not have access to our financial systems."

More than 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%, according to government figures.

"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," a Foreign Office statement said.

It added: "This new regime will allow the UK to combat serious corruption, in particular bribery and misappropriation. It will promote effective governance, robust democratic institutions and the rule of law - demonstrating our power as a force for good around the world."

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Man Convicted of Fraud After Booking Over 120 Free Flights Posing as Flight Attendant
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Hungarian Parliament Approves Citizenship Suspension Law
Prime Minister Orbán Criticizes EU's Ukraine Accession Plans
Hungarian Delicacies Introduced to Japanese Market
Hungary's Industrial Output Rises Amid Battery Sector Slump
President Sulyok Celebrates 15 Years of Hungarian Unity Efforts
Hungary's Szeleczki Shines at World Judo Championships
Visegrád Construction Trends Diverge as Hungary Lags
Hungary Hosts National Quantum Technology Workshop
Hungarian Animation Featured at Annecy Festival
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
×