PRESS RELEASE: UK Anti-Corruption Coalition calls for Tulip Siddiq to give up illicit finance responsibility
13 January 2025
For immediate release
In a statement issued this afternoon, the UK Anti-Corruption Coalition (UKACC) has called for Treasury minister Tulip Siddiq to relinquish the economic crime, money laundering and illicit finance portfolio in the light of ongoing investigations both in the UK and Bangladesh.
The statement, which can be read in full on the UKACC website, reads:
“The Coalition concludes that she is currently carrying a serious conflict of interests. This conflict will remain whatever the outcome of the investigation by the Independent Advisor into whether a breach of the Ministerial Code has occurred.”
In addition, the coalition members call for stronger action to tackle illicit finance flows from Bangladesh. The statement adds:
“To that end, we urge the government to:
move swiftly to work with the interim government in Bangladesh to impose financial sanctions and asset freezes on members and associates of the former Hasina regime.
ensure UK law enforcement acts swiftly to work with Bangladeshi authorities to identify, freeze and start asset recovery proceedings.
ensure the regulated sector in the UK is put on red alert for suspicious movement of assets related to members and associates, including family members, of the ousted regime.”
Late last year, coalition members wrote to UK anti-money laundering regulators to put them on notice about the risks of illicit finance flows from Bangladesh.
Susan Hawley, Executive Director of Spotlight on Corruption, said:
“It is no longer tenable to have someone subject to the kind of allegations Tulip Siddiq has faced over the past weeks playing a key role in the Treasury overseeing economic crime and illicit finance policy. It is a clear conflict of interests for this to continue any longer and it is essential that this brief is moved with immediate effect. We urge the minister to do the right thing.”
Duncan Hames, Director of Policy at Transparency International UK, said:
“To stop money-laundering the government must act decisively and ensure businesses are alert to suspicious wealth and those trying to hide assets. The UK government should collaborate with international partners, including Bangladesh, to introduce sanctions to freeze assets belonging to corrupt officials and their associates, preventing them from enjoying the fruits of their activities.”
Peter Munro, Senior Coalition Coordinator of the UK Anti-Corruption Coalition, said:
“The new Ministerial Code states that ‘trust is the great test of our era’, and that the government was elected to restore faith in British politics. The clear conflict of interest surrounding Tulip Siddiq presents a key test for the new government on this front. As anti-corruption experts, it is clear to us that she should not hold responsibility for these sensitive areas in her portfolio.”
Read the statement in full on the UK Anti-Corruption Coalition website.