High Commissioner Michael Tatham on the Cyprus-UK strategic cooperation to combat financial corruption

With a central message of the need for international cooperation to combat illicit financing and corruption, British High Commissioner to Cyprus, Michael Tatham, elaborated on the British government's strategic priorities within the framework of the 11th International Compliance Forum presented by ECOMMBX.

His speech, entitled ‘Creating a Better World Together: The Fight Against Illicit Finance and Corruption,’ highlighted the UK’s dual role: as a global leader in financial services and as a guardian of international financial integrity.

Tatham explained that his country, as the world's largest exporter of financial services, enjoys significant benefits, which also come with responsibilities.

Effectively tackling illicit finance concerns not only the reputation and competitiveness of the financial sector, but also the stability of democracies, peace and global development, he suggested.

The British strategy includes the anti-corruption sanctions framework implemented since 2021, as well as multi-level international collaborations, Tatham said.

As he explained, the main axes of its policy are the enhancement of corporate transparency, the treatment of professionals who facilitate money laundering, the attribution of responsibilities, and the promotion of institutional reforms.

Cooperation with Cyprus was a prominent point within the speech, with references to the recent contacts between the Prime Minister of the United Kingdom, Keir Starmer, and the President of the Republic of Cyprus, Nikos Christodoulides, in London.

Tatham emphasised that the two countries are joining forces at the level of institutions and expertise: From providing training in forensic investigations to Cypriot authorities, to strengthening cooperation between supervisory bodies and supporting the Ministry of Finance of Cyprus with advisory work.

Particular emphasis was placed on the technological challenge, with the High Commissioner underlining the need for flexibility in the face of technologies such as artificial intelligence and blockchain.

The United Kingdom invests in risk prevention and maintains high standards to actively contribute to shaping a fairer and safer global economic environment, he said.

11th International Compliance Forum

Main Sponsor: ECOMMBX

Gold Sponsors: Complytek.ai , Icon Advisory , Infocredit Group Ltd , KPMG Cyprus , Zygos

Silver Sponsors: AMLex365 , MAP S.Platis

Supporters: ACAMS Cyprus Chapter, ACCA, ICAEW, The Marshall Islands Registry

With the Support of: ACB, ACFE, CBA, CCA, CFA Society, CIF, CYFA, The Institute of Internal Auditors, ICPAC

Strategic partner: Cyta

Communication Sponsors: CBN News, GOLD magazine, IN Business magazine, Super FM

Organised by: IMH

(Source: InBusinessNews)