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In a statement, Treasury Secretary Janet Yellen welcomed the United Kingdom's new Global Anti-Corruption Sanctions Regime, which "builds upon the success" of the UK's Global Human Rights Sanctions Regime. The new regime provides the UK with authority comparable to the United States' Global Magnitsky program or Canada's Justice for Victims of Corrupt Foreign Officials Act, both of which target human rights violators and "corrupt actors."
Ms. Yellen emphasized in her remarks that corruption both corrodes governance and hinders "global growth, economic stability and poverty alleviation." The use of sanctions, according to Ms. Yellen, better incentivizes businesses to take a more proactive corporate risk and due diligence approach, accounting for both human rights and corruption matters.
Ms. Yellen added that the new UK Global Anti-Corruption Sanctions Regime provides the UK and U.S. with additional opportunities for taking complementary actions to enhance the impact of their respective sanctions programs. Beyond sanctions, Ms. Yellen stated that Treasury will continue to support global efforts through, among other things, technical assistance, guidance to financial institutions, and "engagement with foreign and private sector partners."
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