Compliance Week quotes Abigail Rushton on the UK’s anti-corruption strategy and compliance lessons for companies and advisors

The U.K. is introducing tougher safeguards and compliance checks in its latest drive to
cut down on financial crime.

Experts warn that the government’s plans mean companies will need to review their compliance around anti-money laundering controls and anti-bribery policies as regulatory scrutiny increases.

Abigail Rushton, Senior Associate in the Dispute Resolution team, comments for Compliance Week: 

For businesses and their advisers, the message is clear: businesses are expected to play an active role in preventing corruption (within their own organisations and in their business dealings), with the aim of strengthening trust, integrity, and confidence in UK business.

"In this context, a robust compliance programme remains the foundation. Businesses should review their existing arrangements against the government’s strategy to ensure they align with the overall direction of travel from government regarding anti-corruption. While many businesses will already be well-versed with regular compliance reviews, the strategy provides a prompt to reassess risk exposure, the way the compliance programme is stress tested, and the effectiveness of its response and escalation strategy.

"Whether the strategy delivers in practice will come down to implementation and enforcement. Further funding for the Domestic Corruption Unit points to increased capacity to investigate economic crime, which businesses should have in mind. These latest announcements, in the context of wider reforms, are a reminder for businesses to ensure that their compliance programmes are fit for purpose, work in the real world, and hold up to scrutiny from law enforcement and regulators. 

Read the full piece in Compliance Week here.