The United Kingdom is taking steps to make sure its anti-corruption house is in order, with a review of its various enforcement agencies and new laws to clamp down on abuse.

Prime Minister David Cameron and other leaders are in the process of setting up a multi-departmental team to review the different agencies charged with investigating and prosecuting bribery and other financial crimes, the Financial Times reported earlier this month. The move was prompted by recent financial scandals and investigations that taint London's status as an international hub of finance.

The ongoing scandal involving alleged benchmark rigging of the London Interbank Offered Rate, and high-profile corruption investigations of major U.K. corporations including GlaxoSmithKline and Rolls-Royce both in the U.K. and overseas, have dominated headlines in recent months.

The review, according to the Financial Times, will include the Serious Fraud Office (SFO), the City of London Police, the Metropolitan Police's overseas anti-corruption unit, and the National Crime Agency. It will look at the structure as well as the funding of the various agencies.

“We want to be satisfied that we are among the countries with the highest standards in the world because it enforces the reputation of the City of London and the legal system in this country,” Ken Clarke, U.K. minister without portfolio, told the newspaper.

Clarke, who was a leading backer of the U.K. Bribery Act during his tenure as justice secretary, said the review also will cover how well the different agencies share information as well as expertise, and whether the investigations are leading to “appropriate prosecution.” The Bribery Act has yet to yield any successful prosecutions, and the SFO was roundly criticized in March when its bribery case collapsed against businessman Victor Dahdaleh for alleged kickbacks involving Bahrain's royal family.

Clarke said the review may take into consideration the recommendation of SFO Director David Green to broaden anti-corruption laws to better hold corporates responsible as well as individuals. Clarke added that the review also will look into possible funding issues.

“The one difficulty with enforcing really serious frauds of international significance is that they are hugely expensive and costly to investigate and prosecute,” Clarke told the Financial Times.

In other action this month, the U.K. government revealed plans in the Queen's Speech for two new anti-corruption laws, according to Reuters. The first would consist of creating a public registry of company ownership to create more transparency and cut down on corporate secrecy that can lead to tax evasion and other corruption. Other nations and the European Union also are tackling the issue of registries to boost transparency of companies with often complex corporate structures.

Transparency advocates told Reuters that the effectiveness of a U.K. registry would depend on the details, including how authorities would ensure information provided is accurate and whether the law would extend to overseas territories and crown dependencies often used as tax havens.

The second law proposed would consist of a new offense, “participation in an organized crime group,” designed to nab accountants and other professionals who assist criminals in concealing assets and illegal dealings, Reuters reported. The law would carry a sentence of up to five years in prison.

“Nobody is above the law. But for too long, corrupt lawyers, accountants, and other professionals have tried to evade justice by hiding behind a veneer of respectability,” Karen Bradley, U.K. minister for modern slavery and organized crime, said in a statement. “This new offense sends out a clear message to those individuals – if you are helping to oil the wheels of organized crime, you will be prosecuted and face being jailed.”

Watchdog group Transparency International said it would monitor the draft legislation closely to determine whether it is serious or simply “window dressing.” The group's U.K. arm released a list of 10 tests it believes the new legislation must meet in order to be effective, including whether it allows for rapid freezing of assets similar to Switzerland's capabilities.

Robert Barrington, head of Transparency International U.K., said in a statement following the Queen's Speech that his group welcomes what he called the government's recognition that it is time to stop the U.K. and London in particular from being used as a safe haven for criminals.

“There is abundant evidence that corrupt funds are laundered through the U.K. and used to buy property, luxury goods, sports clubs, companies, fine art, and other assets – helped by a small army of professional intermediaries like lawyers and accountants and with reputations cleansed with the help of PR firms,” Barrington said. “This damages U.K. society, puts Britain's reputation at risk, and effectively grants impunity to people who are serious criminals in their home countries.”

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