Sanctions

The UK government has unveiled a new Anti-Corruption Strategy aimed at strengthening enforcement, closing financial crime loopholes, and curbing the use of crypto-assets to dodge international sanctions.

Deputy prime minister and justice secretary David Lammy announced the strategy on Monday, describing corruption as a threat that “bleeds countries dry, fuels conflict like Putin’s brutal war in Ukraine, and spreads across borders like a stain.”

“We will lead internationally, bringing partners together to close the gaps exploited by kleptocrats and organised criminals,” Lammy said in a statement.

“Closer to home, we are boosting enforcement, rooting out the minority of corrupt actors in our public forces and reforming our courts to tackle complex economic crime. Our message is clear: the United Kingdom will not tolerate corruption – now or ever”

The National Crime Agency estimates that more than $133 billion is laundered through the UK each year. UK businesses faced 117,000 domestic bribe offers in 2024, worth more than $400 million, damaging legitimate firms and harming consumers. The NCA has also disrupted Russian money laundering networks in the UK, seizing more than $27 million in cash and cryptocurrency.

Targeting corruption

The strategy targets both domestic corruption and foreign actors funnelling illicit wealth through the UK.

Security minister Dan Jarvis said the plan is structured around three pillars. First, it aims to crack down on corrupt actors and their finances through enhanced police enforcement, expanded sanctions, reform of the whistleblowing framework, greater ownership transparency, and an overhaul of the UK’s anti-money-laundering and counter-terrorist financing supervisory systems.

It will also strengthen UK institutions by raising standards in public life through a new Ethics and Integrity Commission, tighter Business Appointments rules, and improved transparency around political donations.

And finally, the UK wants to work more closely with foreign partners to strengthen collective defences against corruption and illicit finance.

“Delivering these measures will make the UK a harder target for corrupt actors and their funds, improve trust in public life, support investment, and strengthen our national security,” Jarvis said.

The strategy builds on a Foreign Office announcement on Sunday that the UK will host an international summit on illicit finance in June 2026. The event will gather governments, civil society, and private-sector representatives, including major banks, to build a global coalition against dirty money in the hopes of creating “new agreements to tackle modern methods for moving dirty money, such as laundering in the property sector, misuse of crypto-assets, and trading in illicit gold.”

It did not respond to a request from Decrypt for further details on the misuse of crypto-assets.

Daniel Bruce, chief executive of Transparency International UK, called the new plan the government’s most ambitious in years but warned of “critical gaps” on political integrity and party funding.

“The UK still lacks donation caps and reduced spending limits that would provide genuine insurance against the influence of big money in politics,” he said.

“There is a lack of action on political integrity with the revolving door remaining effectively unenforced for ministers, and leaving Westminster woefully opaque compared to its international peers.”

Foreign secretary Yvette Cooper said the government is “committed to turning the tide,” singling out crypto as being “increasingly exploited by people smugglers to stash away their profits.”

In a statement, she highlighting new sanctions on global scam networks, actions against oligarchs tied to the Kremlin, and efforts to curb criminals hiding wealth in London property.

“Dirty money fuels crime on the streets of the UK and drives conflict and instability overseas,” Cooper said. “Kleptocrats buying up property to launder their ill-gotten gains – and driving up house prices sky high as they do so. Profits from the illicit trade in gold fuelling Russia’s invasion of Ukraine and the dreadful conflict in Sudan.”

“I am kick-starting preparations for the Summit and putting the corrupt on notice: the UK is ready to shut you down,” she added.