Current Affairs Digest: Economics (May 2021)
Catch up on economics articles you may have missed. This month we take an in-depth look at the funding of devolved governments.
Documents to download
-
Politically Exposed Persons: Current Regime and Reforms (102 KB, PDF)
Banks and other financial institutions are required to conduct enhanced customer due diligence when dealing with people identified as PEPs. This is intended to help trace and put a stop to the financing of terrorism. It has been argued that, in some cases, financial institutions have declined to handle accounts of UK PEPs as a result. This process of withdrawing financial services for PEP’s has been described as ‘de-risking’.
The current anti-money laundering rules are set out in Money Laundering Regulations 2007, which implement the EU’s Third Money Laundering Directive in the UK. The Fourth Money Laundering Directive states that the enhanced due diligence measures, current required for foreign PEPs, should be extended to domestic PEPs. This directive has yet to be agreed in the European Parliament. The UK Government has stated its intention to implement new money-laundering regulations by June 2017.
Documents to download
-
Politically Exposed Persons: Current Regime and Reforms (102 KB, PDF)
Related posts
-
-
UK development aid and the Integrated Review
In the 2020 spending review, the Government cut aid spending from a target of 0.7% of GNI to 0.5%. The Government said in its recent integrated review of security, defence, development and foreign policy it would use aid spending “more strategically” to increase the UK’s impact as a force for good. On 28 April 2021, the House of Lords is due to debate the reduction in aid spending and its impact on achieving the integrated review’s objectives.
-
Biodiversity
Declines in biodiversity could lead to economic and political instability and potentially threaten the survival of life on earth. The Government has taken a range of steps to counter biodiversity loss, although measures of success are mixed. The independent Dasgupta review has recommended placing monetary values on natural capital. Two forthcoming international conferences provide opportunities for further global initiatives on biodiversity.
