UK Secures New Signatory for ‘Shadow Fleet’ Call to Action as Foreign Secretaries Pledge Closer Cooperation
29 November 2024
The United Kingdom has secured another signatory for its ‘Shadow Fleet’ call to action, with New Zealand joining the initiative to tackle illicit finance. The announcement was made during a meeting between UK Foreign Secretary James Cleverly and New Zealand Foreign Minister Nanaia Mahuta in London.
The ‘Shadow Fleet’ initiative, launched by the UK in May 2023, aims to combat the use of anonymous shell companies and complex corporate structures to launder money and facilitate other illicit activities. The initiative calls on governments to create public registers of company beneficial owners and to share information on suspicious transactions and beneficial ownership with each other.
New Zealand’s decision to join the ‘Shadow Fleet’ initiative is a significant step forward in the fight against illicit finance. It follows a similar move by Australia in June 2024, and brings the total number of signatories to the initiative to eight.
In addition to joining the ‘Shadow Fleet’ initiative, Foreign Secretary Cleverly and Foreign Minister Mahuta pledged to strengthen cooperation between the UK and New Zealand on a range of issues, including defense, climate change, and trade.
“Our relationship with New Zealand is vital to our security and prosperity,” said Foreign Secretary Cleverly. “I am delighted that New Zealand has joined our ‘Shadow Fleet’ initiative and pledged to work with us on tackling the scourge of illicit finance. Together, we can make the world a safer and more just place.”
Foreign Minister Mahuta said: “New Zealand is committed to combating illicit finance and we are pleased to join the UK’s ‘Shadow Fleet’ initiative. We believe that by working together, we can make it harder for criminals to hide their assets and make it easier for law enforcement to investigate and prosecute illicit finance crimes.”
The UK and New Zealand have a long history of cooperation on defense, intelligence, and trade. The two countries are also members of the Five Eyes intelligence alliance.
The ‘Shadow Fleet’ initiative has been welcomed by law enforcement agencies and anti-corruption groups around the world. The initiative is seen as a key step forward in the fight against illicit finance and a major blow to criminals who use anonymous shell companies to hide their assets.
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