Tag: Foreign Office

The press release issued by the Foreign Office on 18 April 2024.

The UK and the Association of Southeast Asian Nations (ASEAN) have agreed to work in partnership on some key issues shaping the financial services sector.

The ASEAN-UK Financial Services Collaboration Package, agreed by ASEAN’s Finance Ministers and Central Bank Governors at the 11th ASEAN’s Finance Ministers and Central Bank Governors’ Meeting (11th AFMGM) on 05 April 2024, Luang Prabang, Lao PDR, is a comprehensive set of initiatives designed by UK experts to support ASEAN’s goals and boost the UK-ASEAN relationship. The Package brings together leaders from the UK’s private and public sector to work with ASEAN decision-makers on ways to achieve their vision for deeper financial integration across Southeast Asia.

The ASEAN-UK Financial Services Collaboration Package will focus on three areas, key to global financial services trade.

1. Market Infrastructure

ASEAN is committed to a resilient, transparent, and forward-looking approach to market infrastructure, allowing businesses to operate with greater certainty. Through the Package, the UK will share its own policy experience to support ASEAN in ensuring that these regulatory developments are keeping up with global trends and challenges.

2. Green Finance

ASEAN is well-placed to be a leader in green growth. Global trends show that adopting greener practices can have real benefits for companies, including increasing profitability and lowering operating costs, increasing competitiveness and resilience, and opening access to new markets and sources of finance. Through the Package, the UK will share our experience and expertise to support ASEAN’s goal to meet international standards, learn about financial products designed to deliver high value sustainable infrastructure, and increase the flow of green capital.

3. Access and Inclusion

ASEAN is home to a diverse and rapidly growing population, with many individuals and businesses currently underserved by traditional financial institutions. Through the Package, the UK will foster partnership with ASEAN to create innovative and inclusive financial solutions that meet the needs of ASEAN’s growing market. This strand will focus on support for small businesses.

“This marks a step change in ASEAN-UK relations”, said the UK’s Ambassador to ASEAN, Sarah Tiffin.

She added:

The UK became a Dialogue Partner to ASEAN in 2021 and is committed to supporting ASEAN’s economic and financial integration to boost ties between our businesses and our citizens. Given the UK’s leading global role in Financial Services, it has been identified as a top priority for ASEAN-UK economic collaboration. This Financial Services Package will deliver on those commitments, bringing together the best of UK private and public sector experience to engage directly with ASEAN counterparts. With the ASEAN-UK Economic Integration Programme also rolling out across the region, the UK is reinforcing our credentials as a strong Dialogue Partner for ASEAN across the vital economic agenda.

A key feature of the Package is the central role world leading British banking and financial institutions play. The Package is a demonstration of government and the private sector working hand-in-hand to share expertise with ASEAN.

The United Kingdom and ASEAN are natural partners when it comes to financial inclusion, sustainable finance and market infrastructure”, said Surendra Rosha, co-Chief Executive of HSBC Asia-Pacific.

He said:

ASEAN is one of the world’s fastest growing trade blocs and one of the most promising digital economies, with a big role to play helping the world get to net zero. As one of the largest financial groups in the UK, with deep roots throughout Southeast Asia, HSBC is proud to support this cooperation, which will undoubtedly benefit our customers.

Standard Chartered have also welcomed the Package.

“This Package reflects the close partnership between the UK public and private sectors to support ASEAN’s ambitions in financial integration, financial inclusion, and green finance”, said Patrick Lee, Cluster CEO for Singapore and ASEAN Markets, Standard Chartered.

He added:

As a global trade bank with origins in the UK and our longstanding and deep-rooted presence in ASEAN, we are committed to sharing our financial services expertise and capabilities – alongside other leading UK institutions – with ASEAN and ASEAN member states. The benefits of this collaboration for us and our clients in the region are clear: we believe it will bring greater regional connectivity, grow opportunities for green investments, and enhance access to financial services in the region.

Speaking from London, Nicola Watkinson, Managing Director at TheCityUK, described the Package as:

An exciting step forward in deepening business ties between the UK and ASEAN markets. The financial and professional services industry plays a vital role in the economic growth of both the UK and ASEAN, helping to fund vital infrastructure, address climate change, and support households with their everyday needs. It is great to see the ASEAN Finance Ministers’ meeting identified tangible ways we can collaborate now that the UK is a Dialogue Partner. We look forward to working with the UK Mission to ASEAN and industry partners to capture the benefits offered by this initiative.

His Majesty’s Trade Commissioner to Asia Pacific, Martin Kent, said:

I am delighted that the UK and ASEAN are deepening our partnership on financial services. The UK is a leading financial hub, as Europe’s top destination for inward investment stock and London being home to some of the strongest capital markets in the world. The UK already exports £1.9 billion worth of financial services to ASEAN, and this is only set to grow. I look forward to the innovations and partnerships that will come out of this Package.

The press release issued by the Foreign Office on 17 April 2024.

Statement by Ambassador Barbara Woodward at the UN Security Council meeting on security challenges in the Mediterranean.

President, to achieve lasting peace, the whole of society is required to participate in building it. Without the diverse perspectives that youth and marginalised groups represent, we will struggle to build peaceful, prosperous, and sustainable societies.

I wish to make three points.

First, the Secretary-General’s Peacebuilding Fund is a key instrument promoting the positive role of young people as agents of peace. The UK has provided over $35 million to the Peacebuilding Fund since 2020, which has implemented youth-related projects, including in Montenegro, Bosnia and Herzegovina, and Libya. We welcome the implementation of the Peacebuilding Commission’s Strategic Action Plan on youth and peacebuilding, including the annual meeting on youth, peace and security, as well as efforts to integrate analysis that is sensitive to this agenda into the commission’s key deliverables.

Second, there is clear evidence that young people, especially young women and girls, are disproportionately impacted by climate change and biodiversity loss, often exacerbated by existing inequalities. But they are also agents of change in the response. In the Mediterranean region, heat waves, floods, sandstorms, and water stress contribute to the loss of food security and livelihoods, directly affecting the drivers of migration. We need to manage, carefully, the emerging challenges and opportunities of migration, including by recognising the role of young people in delivering adaptation solutions that provide people with options for sustainable livelihoods that do not compel them to migrate.

Third, young people live with the effects of conflicts they did not start. Young people, especially women and girls, should be meaningfully included in discussions that affect their futures, including in this Council. So we should translate our commitments into action by strengthening their full, equal, safe and meaningful inclusion in decision-making and peace, development and mediation processes.

President, we will continue to work with the international community to amplify youth voices and harness their lived experience across peace processes and the work of government.

I thank you.

The press release issued by the Foreign Office on 17 April 2024.

Ambassador Neil Holland thanks Croatia, as incoming Chair of the Forum for Security Co-operation, for keeping the spotlight on Ukraine.

Thank you, Mr Chair, dear Mario, for setting out Croatia’s priorities for the Forum for Security Co-operation (FSC) this trimester.  As you execute the mandate of this Forum at a critical time for European Security, you can count on our full support.

Today marks 783 days since Russia’s unprovoked, full-scale and illegal invasion of Ukraine.  Actively facilitated by Belarus.  An invasion that continues to transgress OSCE principles and commitments.  Principles including sovereignty, territorial integrity and the right to be party to alliances.  Principles which Russia and Belarus co-wrote.  Russia’s invasion of Ukraine was not a failure of the OSCE’s principles and instruments.  It was a failure of Russian political will to implement its commitments faithfully.

Since 24 February 2022, the Ukrainian people have defended their homeland heroically.  Each week, we have supported Ukraine.  And each week, we have condemned President Putin’s strategic mistake of invading a sovereign neighbour.  The FSC’s work – through its tools and the principles it upholds – remain vital for security in the OSCE area.

We welcome your proposed FSC agenda which keeps the FSC spotlight on Ukraine.  We particularly welcome your joint FSC-PC Security Dialogue on Women, Peace and Security.  We must continue to champion women’s full, equal, meaningful, and safe participation in political and peace processes.  We must do so whilst also tackling gender-based violence, including conflict-related sexual violence.  The UK also supports your other Security Dialogues, including on Humanitarian Mine Action and Military Education.

Mr Chair, last trimester we condemned the Russian delegation for blocking consensus – again – on a FSC Security Dialogue on International Humanitarian Law.  We called out the Russian delegation’s continued misbehaviour – including its threats to future FSC Chairs.  This behaviour has no basis in our rules.  Once again, we urge the Russian delegation to stop blocking consensus on FSC dialogues – and to return to the diplomatic decorum that the rest of us practice.

I wish to conclude by welcoming Denmark to the FSC troika, and to thank Canada for their work as they leave the troika.  And most importantly, I wish you, Mr Chair, dear Mario, and your able team here in Vienna and in Zagreb the best of luck this trimester.  You can count on the full support of me and my delegation.

The press release issued by the Foreign Office on 17 April 2024.

At the Foreign Ministers’ Meeting in Italy the Foreign Secretary will urge G7 partners to keep up pressure on Putin as he continues his illegal war with Ukraine.

• the Foreign Secretary will call on his G7 counterparts to increase support for Ukraine
• G7 foreign ministers will reaffirm the need to prevent a regional war following Iran’s malign and dangerous attack on Israel
• G7’s collective response to the escalating conflict in the Middle East, a more assertive China and irregular migration will also be on the agenda

The Foreign Secretary is travelling to the G7 Foreign Ministers’ Meeting in Italy today to urge his counterparts to keep up the pressure on Putin as he continues to wage his illegal war with Ukraine. The Foreign Secretary will reiterate to the G7 the UK’s commitment to Israel’s security and discuss with his counterparts how to de-escalate regional tensions.

The Foreign Secretary will make clear that partners in Europe and the G7 must spend more, produce more and deliver more to ensure that Ukraine can secure the victory that it deserves. He will call on G7 partners to work together to agree a clear and ambitious way forward to use sanctioned Russian assets to support Ukraine. This builds on messaging delivered at the NATO Foreign Ministers’ Meeting in Brussels earlier this month.

The G7 has collectively sanctioned close to $300 billion of Russian assets. Without sanctions, it is estimated that Russia would have over $400 billion to finance its war, enough to fund Putin’s invasion for another 4 years.

The Foreign Secretary, David Cameron, said:

Ukraine has our unequivocal support until it is victorious and achieves a just peace.  It is vital that we agree a way forward to use sanctioned Russian assets to support Ukraine and ensure Russia pays for the destruction it has wreaked.

The Foreign Secretary will continue to call for the G7 to pilot more ambitious efforts to undermine Russia’s defence industrial complex, including by pushing third countries to counter attempts to circumvent sanctions. He will urge partners to be prepared to act against those who help Russia to supply its war machine.

Responding to Iran’s failed and dangerous attack on Israel over the weekend, Mr Cameron and his counterparts will continue to call for restraint, asking those involved to consider the devastating consequences of an escalation in the conflict. The Foreign Secretary will campaign for coordinated sanctions against Iran, ensuring the G7 shows a united front against Iran’s malign activity in the region. The Foreign Secretary and the rest of the G7 will continue to work with allies in Europe and across the Middle East to stop the fighting in Gaza, pushing for an immediate pause to get aid in and hostages out, so there can be progress towards a sustainable, permanent ceasefire.

Meetings will also cover a range of other priorities around the world, including a more assertive China, reform of financial systems and irregular migration.

The G7 represents around 50% of global GDP and its shared economic strength is helping to make the world a fairer, more stable and prosperous place. Discussions will look into reforms to the international financial system, investment in developing nations and new partnerships that work towards conflict resolution and resilience to global challenges – particularly climate change. The G7 will further strengthen ties with nations in Africa at the meeting, promoting economic prosperity on the continent through trade and unlocking private sector cash to support their green transition – a campaign which is in everyone’s interest.

Irregular migration, propped up by transnational organised crime groups, actively stands in the way of the G7’s efforts to encourage international prosperity. The Foreign Secretary will encourage his G7 counterparts to prioritise international engagement to tackle illegal migration at its root causes, so we can reduce irregular and dangerous journeys, protect lives and create growth.

The press release issued by the Foreign Office on 17 April 2024.

The Foreign Secretary is in Israel and the Occupied Palestinian Territories for talks with Prime Minister Netanyahu, President Herzog and Foreign Minister Katz.

• the Foreign Secretary is in Israel with German Foreign Minister Baerbock to discuss regional tensions and the conflict in Gaza
• he has meetings with Israeli Prime Minister Netanyahu, President Herzog Foreign Minister Katz to reiterate the UK’s commitment to Israel’s security
• the Foreign Secretary is in the OPTs to meet Prime Minister of the Palestinian Authority Mohammad Mustafa

The Foreign Secretary is in Israel and the Occupied Palestinian Territories today (17 April) for high-level talks with Prime Minister Netanyahu, President Herzog and Foreign Minister Katz.

During the visit to Israel, he will reiterate the Prime Minister’s message to Prime Minister Netanyahu that “calm heads must prevail.” He will stress UK support for Israel’s security and say that significant escalation is in no one’s interest, and would only deepen insecurity in the Middle East.

The UK is calling for coordinated sanctions against Iran, who are responsible for so much of the malign activity in this region by backing Hamas, backing Hezbollah and backing the Houthi rebels.

Lord Cameron will also continue to urge an immediate pause in the fighting in Gaza to get aid in and hostages out, to allow progress towards a sustainable ceasefire. The UK is playing a leading role in alleviating the suffering of the Palestinian people and diplomatic efforts to secure the safe release of hostages, including British nationals.

The UK is now providing £3 million of additional funding for equipment to support UN and aid agencies at new and existing land crossings to get more aid into Gaza. The UK’s contribution will include trucks, forklifts, generators, fuel stores and lighting towers.

Foreign Secretary David Cameron said:

The situation is very concerning. It’s right to show solidarity with Israel. It’s right to have made our views clear about what should happen next.

But it’s clear the Israelis are making a decision to act. We hope they do so in a way that does as little to escalate this as possible.”

On the conflict in Gaza, he said:

More than 6 months have passed since Hamas’ brutal terror attack on innocent civilians. I’m here to focus back the eyes of the world onto the hostage situation.

192 days those people have been held Hamas should release them now and there is a good deal for them on the table. We need to see a pause in the fighting to get aid in and hostages out.

The Foreign Secretary and Foreign Minister Baerbock will urge Israel to deliver on its promises of delivering more aid into Gaza through as many routes possible by land, sea and air. The Foreign Secretary will strongly press Israel to open Ashdod Port for aid deliveries, as they promised to do, so that thousands of tonnes of aid can be delivered. The UK is also focused on ensuring more aid can enter Gaza by land, particularly through the Erez crossing and increased hours at Kerem Shalom.

Throughout this crisis, the UK and Germany have been united in their condemnation of Hamas’ atrocious terror attacks and support for Israel’s right to self-defence within international humanitarian law. The UK government has been working with partners across the region to secure the release of hostages, including British nationals and their families.

The Foreign Secretary is in the OPTs to meet with the newly appointed Prime Minister of the Palestinian Authority, Dr Mohammad Mustafa, to reiterate his support for the new Palestinian Authority government and the Palestinian people. In the West Bank, record numbers of Palestinians have been killed by settlers and Israeli forces while the economy grinds to a halt due to Israeli restrictions.

The UK remains committed to providing serious, practical and enduring support to the Palestinian Authority as they take much-needed steps on reform, including setting out a pathway to democratic progress. And to working together to progress our shared objective of a two-state solution that guarantees security and stability for both the Israeli and Palestinian people.

The press release issued by the Foreign Office on 17 April 2024.

Minister Mitchell announces £100 million hybrid capital contribution to help tackle urgent development issues, as he is due to attend the World Bank Spring Meetings.

• UK to pledge £100 million to the World Bank to help unlock £1 billion of support in the next decade
• Minister Mitchell, the UK’s Governor to the World Bank, will announce the UK’s contribution at the Spring Meetings in Washington DC today (Wednesday 17 April)
• UK support will help developing countries tackle urgent development issues, such as climate change, food insecurity, pandemics, and poverty

The UK will today (Wednesday 17 April) announce a £100 million hybrid capital contribution to boost the World Bank’s International Bank for Reconstruction & Development (IBRD), which will help tackle some of the world’s most pressing challenges in the next decade.

The World Bank’s financial model means for every £1 it receives it can lend £10. The UK’s contribution of £100 million will unlock ten times as much lending – £1 billion – to tackle issues such as climate change, food insecurity, pandemics, and poverty in the next decade – and help achieve the UN’s Sustainable Development Goals.

Hybrid capital is a financial innovation that allows World Bank shareholders, including the UK, to significantly expand the IBRD’s lending capacity through unilateral voluntary contributions of new funds at any time.

Deputy Foreign Secretary and Minister for Development and Africa Andrew Mitchell said:

Our pledge of £100 million for hybrid capital, which will unlock £1 billion of additional financing capacity over the next decade, recognises the need for urgent action to deliver real impact.

Over half of low-income countries are at high risk of debt distress and unable to access affordable finance to grow their economies. At the same time, shifting the dial on the UN’s Sustainable Development Goals and tackling global challenges, such as climate change, requires significantly higher volumes of finance.

The UK will be one of the first countries to make a hybrid capital contribution to the World Bank and is working in close coordination with its G7 partners to achieve the shared goal of building a bigger and better World Bank.

As set out in the UK’s white paper, the UK is also pushing Multilateral Development Banks (MDBs), including the World Bank, to stretch their existing capital and implement reforms to make it easier for low-income countries to access the finance they need. Each year MDBs provide around £120 billion to support development and tackle climate change.

Background

• Hybrid Capital combines features of both debt and equity. It takes the form of a loan with no stated maturity date that pays a coupon (annual interest payment) and usually has no voting rights (ie it does not impact on the shareholding of the MDB)
• all 189 member countries of the World Bank, including the UK, are shareholders

The press release issued by 10 Downing Street on 16 April 2024.

The Prime Minister spoke to Israeli Prime Minister Benjamin Netanyahu this afternoon.

He reiterated the UK’s steadfast support for Israel’s security and for wider regional stability. Prime Minister Netanyahu thanked the UK for its rapid and robust support in the face of Iran’s reckless and dangerous attack on Saturday.

The Prime Minister said Iran had badly miscalculated and was increasingly isolated on the global stage, with the G7 coordinating a diplomatic response. He stressed that significant escalation was in no one’s interest and would only deepen insecurity in the Middle East. This was a moment for calm heads to prevail.

On Gaza, the Prime Minister said he remained gravely concerned about the deepening humanitarian crisis. The UK wanted to see a massive step change in aid access to flood Gaza with vital supplies, including Israel opening up new aid routes as quickly as possible.

The Prime Minister said it was deeply disappointing that Hamas blocked a deal at the weekend that would have saved Palestinian lives and secured the safe release of hostages.

The press release issued by the Foreign Office on 16 April 2024.

Statement at the United Nations General Assembly Permanent Forum on People of African Descent.

Thank you, Madam Chair,

The United Kingdom is proud of our diversity and of the successful multi-national, multi-ethnic, and multi-faith country that we have become.

While we are making great progress towards establishing a fairer and more inclusive society, we understand the importance of continuing to work to address negative ethnic and racial disparities that affect certain groups, particularly for those of African and Caribbean descent.

We published our landmark Inclusive Britain action plan in March 2022 which aims to tackle long-standing ethnic disparities in health, education, employment, and the justice system. We have made significant progress implementing the 74 actions in the plan, including:

• developing a new, national framework for how the use of police powers can be scrutinised more effectively by local communities;
• publishing new guidance for employers on how to use positive action in the workplace and how to measure and address ethnicity pay gaps;
• and taking steps to address health disparities.

As we track our own unwavering dedication to eradicating all forms of racism, racial discrimination, and xenophobia, for example, through our continued progress in the World Values Survey, we also reflect on our complex national path. From an era of empire and colonialism to one of pride in a multicultural, modern, and diverse society. Recognising that the appalling atrocity of slavery marks our history, we express our sincere regret that it could have occurred.

We believe that the most effective way for the UK to respond to the wrongs of the past is to ensure that current and future generations learn from it. For that reason, we are dedicated to establishing a fairer world today.

Thank you.

The press release issued by the Foreign Office on 16 April 2024.

UK announces further support for the United Nations Support Office in Somalia (UNSOS) to provide non-lethal support to Somali Security Forces in their fight against al-Shabaab.

The United Kingdom has given an additional £2.75 million to the UN Support Office in Somalia (UNSOS) Trust Fund in support of Somali Security Forces (SSF).

The Trust Fund is administered by UNSOS and supports SSF logistical priorities as set out by the Federal Government of Somalia. The new UK funding will support the provision and transport of resources such as food rations, communication equipment, and tents, and will with assist medical evacuations of SSF troops conducting operations.

Additionally, the contribution makes it possible to further invest in capacity building and ensuring the sustainability of the SSF and its operations. For example, the UK funding means in addition to the acquisition of Very High Frequency (VHF) communication equipment, through the Trust Fund, the SSF will be given the technical skills to maintain the VHF system and enable future installation work. This will support interoperability, communications and effective operations in Somalia.

This latest donation reaffirms the UK’s commitment to achieving a secure and stable Somalia. The UK made significant contributions of £5 million in January 2024 and £5 million in December 2023 and, since 2022, has provided over £20 million in voluntary contributions to UNSOS in support of SSF.

Head of UNSOS, Dr Aisa Kirabo Kacyira said:

Over the years, the UK has been the central donor to the Trust Fund in support of SSF. This most recent contribution shows their unwavering commitment in support of strengthening logistical support and capacity building to the benefit of Somalia’s brave men and women.

Currently, UNSOS supports 14,900 Somali National Army (SNA) and 1,000 Somali Police Force (SPF) personnel in joint or coordinated operations with the African Union Transition Mission in Somalia (ATMIS). Efforts are ongoing to increase support to 18,900 personnel. This latest funding contribution will help enhance personnel training.

Voluntary contributions by Member States to the Trust Fund will remain critical as the SSF takes further security responsibilities in the context of the ATMIS drawdown.

Background for editors

• You can follow UK activity in Somalia on Twitter/X, Facebook and on our website
• The UK has provided £23.425m of voluntary contributions in support of UNSOS since 2022. It also provides significant financial support to the African Union Transition Mission in Somalia (ATMIS).

The press release issued by the Foreign Office on 16 April 2024.

Minister Mitchell announces global call to action to tackle illicit finance through increased transparency of company ownership, ahead of World Bank Spring Meetings.

• UK Government to work with international community to tackle illicit flows of money through increased transparency of company ownership.
• UK Deputy Foreign Secretary and Minister for Development and Africa Andrew Mitchell will announce a call to action on this issue during the World Bank Spring Meetings.
• He will also announce a £2 million funding contribution to tackle corruption in support of the call to action.

Today (Tuesday 16 April), the UK Government will announce a global call to action for greater transparency on company ownership to tackle global illicit flows of money.

Transparency about who owns, controls, or benefits from companies is a cornerstone of preventing and combatting corruption, organised crime, and tax evasion.

The UK is leading the call to action with contributions of £2 million to trust funds managed by the World Bank and the International Monetary Fund (IMF) to tackle corruption, money laundering, and illicit finance. The work funded by this contribution will support low-income countries to implement registers of company ownership, building on existing work with countries such as Nigeria and Kenya.

Attending the World Bank Spring Meetings in Washington D.C. this week, Andrew Mitchell, the UK’s Deputy Foreign Secretary and Minister for Development and Africa, will announce the call to action in his capacity as the UK’s Governor to the World Bank.

Every year, Africa loses an estimated almost $90 billion due to the ease with which corrupt individuals can move money transnationally through anonymous shell companies. This drains important financial resources away from low-income countries and weakens their ability to achieve economic stability and financial independence.

Global financial corruption undermines progress towards the UN’s Sustainable Development Goals and tackling climate change, and directly affects the UK’s security and opportunities for trade.

Greater transparency will enable low-income countries to stem the flow of illicit finance, hold the corrupt to account, and enable them to deliver the services and public investment necessary for their long-term prosperity.

Deputy Foreign Secretary and Minister for Development and Africa Andrew Mitchell said:

We must mobilise a global coalition of countries and international organisations to drive greater transparency about who really owns anonymous shell companies.

More and more transparency will mean fewer and fewer places for dirty money to hide, ensuring low-income countries can channel their resources into tackling urgent development issues, such as climate change and boosting economic growth. This will ultimately benefit us all.

The UK’s support announced today forms part of wider work with the World Bank and IMF to strengthen anti-corruption and illicit finance measures in their policy advice, financial instruments, and programmes. It also delivers on the UK’s commitment in the International Development White Paper to support low-income countries in building their long-term resilience to corruption and illicit finance risks.

Through the call to action, the UK aims to work with other countries and international organisations to standardise information on company ownership, making it easier to use, and to open registers to journalists and civil society organisations involved in exposing money laundering, terrorist financing, and other illicit financial flows, and will help catalyse law enforcement investigations and prevent corruption.

Background

• Over 70 countries currently have live registers of company ownership, approximately 30 of which are public, including in the UK.
• Over the next few months, the UK will consult other countries to agree the commitments in the call to action. They will focus on increasing access to company ownership information and improving the quality of the information so it can be used effectively.
• The UK is contributing £1 million to the World Bank Group’s Governance & Institutions Umbrella Trust Fund and £1 million to the International Monetary Fund’s Anti-Money Laundering & Combatting the Financing of Terrorism Thematic Trust Fund.
• According to the United Nation’s Conference on Trade and Development (UNCTAD), capital flight from Africa amounted to roughly $88.6 billion per year on average in 2013–2015. Source: Economic Development in Africa Report 2020: Tackling Illicit Financial Flows for Sustainable Development in Africa, available at https://unctad.org/system/files/official-document/aldcafrica2020_en.pdf