Beautiful Virgin Islands

Tuesday, Jun 24, 2025

UK announces new sanctions regime to stop money launderers

UK announces new sanctions regime to stop money launderers

The UK has announced new beefed-up sanctioning powers against corruption as Dominic Raab warned the country has become a “honey pot” for foreign actors seeking to launder their “dirty money”.
The Foreign Secretary said the new sanctions would stop those involved in serious corruption from entering and channelling money through the UK.

Britain, for the first time, on Monday imposed asset freezes and travel bans against 22 people from across Russia, South Africa, Saudi Arabia and Latin America under the new Global Anti-Corruption sanctions regime, which gives the UK unprecedented power to stop corrupt actors profiting from the UK economy.

The move brings the UK in line with the US and Canada in adding corruption to its Magnitsky Act sanctions regime.

The first wave of sanctions under this new sanctions regime targeted 14 Russians involved in the diversion of $230 million in Russian state property through a fraudulent tax refund scheme uncovered by the late lawyer Sergei Magnitsky – one of the largest tax frauds in the country’s recent history.

Ajay, Atul and Rajesh Gupta and their associate Salim Essa were placed on the list over a corruption scandal under South Africa’s former president Jacob Zuma.

Sudanese businessman Ashraf Seed Ahmed Hussein Ali – known as “Al Cardinal” – is also on the list for allegedly misappropriating state assets in impoverished Sudan in league with elites in neighbouring South Sudan.

A Honduran congressman accused of facilitating bribes to support a major drug trafficking organisation was also targeted.

Labour welcomed the announcement, but said law enforcement need the resources to support investigations, saying the current rate of prosecutions for economic crime is “woefully low”.

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

The Sanctions and Anti-Money Laundering Act 2018 provides that, in cases where the Secretary of Foreign Affairs has credible information that officials of foreign governments have been involved in significant corruption are prevented from entering the UK, as well as freezing their assets.

The Foreign Office said over 2 per cent of global GDP is lost to corruption every year, and that corruption increases the cost of doing business for individual companies by as much as 10 per cent.

“Corruption has a corrosive effect as it slows development, drains the wealth of poorer nations and keeps their people trapped in poverty. It poisons the well of democracy,” Mr Raab said in a statement.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
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
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
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
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×