These gaps point to a broader concern: it doesn’t matter how many actions are completed if there is little evidence that they are achieving a tangible reduction in economic crime. We await a public update on Action 43 of the plan – the development of an outcomes framework to evaluate the impact of ECP2 measures. Understanding what the key measures of success are, and the data collected to support these measures, will be critical to assessing whether the plan is achieving its intended goals or merely generating activity without meaningful change.


‘A golden age for the fight against economic crime’


When the Economic Crime Acts were passed, campaigners cheered, but reminded the government that they had been proposing exactly the same reforms for the past twenty years. The fact that this commentary highlights the same incomplete actions as its predecessors raises concerns that the new administration could repeat past mistakes. Let us hope that this is not the case, and that important reforms have just been postponed by the change of government.


There are reasons for optimism. The new designations under the GAC regime are said to complement the wider work of the NCA-hosted International Anti-Corruption Coordination Centre, funded by the Foreign, Commonwealth and Development Office. While discussing the new campaign, Foreign Secretary David Lammy said announced that ‘The tide is turning. The golden age of money laundering is over.”


But tackling economic crime in Britain is not just about targeting a few kleptocrats. Going forward, the government must support and build on the successes achieved by government departments over the past year and a half. This translates into making progress in implementing ECP2 actions, with a focus on completing those that are significantly overdue, and ensuring that reforms are fully implemented and demonstrably effective.


Perhaps more importantly, if the new government wants to distinguish itself from its predecessor, speaking out more clearly about the progress made is exactly what it should do. Looking at the data, it is clear that a lot of good work has been done across government to bring ECP2 actions to life. However, finding publicly available information about these efforts is not that easy. Going forward, the new government must take every opportunity to celebrate its successes in tackling economic crime. Doing this will not only strengthen the domestic political position, but also confirm leadership on the international stage. It will signal to the world – and to criminals – that Britain is determined to restore its reputation as a trusted international financial centre.


© RUSI, 2024


The views expressed in this commentary are those of the author and do not represent those of RUSI or any other institution.


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