Submission on Regulation Reform

In July 2020, the UK Anti-Corruption Coalition submitted to the Department for Business, Energy and Industrial Strategy’s Reforming Regulation Initiative Consultation.

Regulation is a critical tool for ensuring that our society and economy functions in a fair, transparent, and accountable way. Well-designed regulation is also essential for prosperity and security; it can reduce costs and increase confidence for businesses, ensure public money is well-spent, and provides a defence against dirty money.

We recommend:

• Improving publicly available beneficial ownership data to ensure compliance with anti-money laundering regulations.

• Providing Companies House with the necessary resources to identify, report, and root out inaccurate or false information on the UK company register.

• Reforming the UK’s disjointed anti-money laundering supervisory system.

• Taking steps to reduce the potential for conflicts of interest in public procurement and developing effective exclusion and debarment procedures for those that break the rules.

• Reforming the UK’s existing corporate liability regime which make it nearly impossible to prosecute large companies and financial institutions for economic crime.