What has the Banking Reform Bill, which is about to hit the Lords, got to do with development? The answer is that it’s a golden opportunity to help reduce the corruption which haemorrhages billions in vital funds from developing countries.
This issue will be explored at an APPG Anti-Corruption briefing this Thursday in Portcullis House, chaired by Catherine McKinnell MP in partnership with campaigning group Global Witness.
One focus of the Bill is the Parliamentary Commission on Banking Standard’s seminal Changing Banking for Good report. The recommendations made by this cross-party body present a clear opportunity to deal with numerous problems in the banking sector. The Government has stated that the Bill, which reaches committee stage this month, will be the vehicle for implementing many of the recommendations.
A key issue highlighted by the Parliamentary Commission is the failure of major UK banks to comply with the laws designed to prevent money laundering by corrupt officials from developing countries, tax evaders and other types of financial criminal. In its recent annual Anti-Money Laundering report, the UK regulator said that the level of compliance by UK banks is a “serious concern”. Yet there is a real chance that the new legislation will not address this.
The briefing will be a great opportunity to find out more about how the Bill will be a key battleground for fighting corruption and poverty.
Where: Portcullis House Room P
When: Thursday 10 October 11-12pm