Minister Tulip Siddiq caught up in Bangladesh court anti-corruption probe
Labour’s anti-corruption minister has been named in court documents detailing claims her family embezzled billions of pounds from a nuclear power project in Bangladesh.
Economic secretary Tulip Siddiq – who holds responsibility for financial crime and illicit finance – is alleged to have helped co-ordinate meetings with the Russian government regarding the Rooppur nuclear power plant project.
In a court writ seen by Sky News, submitted to the High Court Division of the Supreme Court of Bangladesh, Ms Siddiq is named alongside her aunt, the former prime minister of Bangladesh Shaikh Hasina.
The documents cite an online news report from August and suggest Ms Siddiq received embezzled funds that came from the artificial inflation of construction costs of the power plant – which was mainly funded by the Russian government.
It’s alleged that $5bn (£3.9bn) was siphoned off from the project’s budget “in collusion with Russian officials”.
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Ms Siddiq has been approached for a response.
The Labour Party and the government declined to comment.
It’s understood that the minister has not been approached by Bangladeshi authorities in relation to the allegations.
A party source suggested the accusations originated from a “spurious American aerospace website”.
Downing Street said Sir Keir Starmer had confidence in Ms Siddiq.
The legal claim has been made by Bobby Hajjaj, a political opponent of Hasina.
Hasina fled Bangladesh in August and resigned as prime minister after a total of twenty years in power.
Her departure followed weeks of deadly protests in the country and the new government has accused Hasina of multiple crimes while in office.
Ms Siddiq was photographed with Hasina in 2013 at a signing ceremony in the Kremlin alongside the Russian President Vladimir Putin.
Tulip Siddiq was pictured alongside Bangladesh PM Sheikh Hasina and Russian President Vladimir Putin during a 2013 visit to the Kremlin. Pic: AP
She was a councillor in the London Borough of Camden at the time.
The Associated Press quoted Russian news agencies reporting that Moscow planned to lend Bangladesh a total of $1.5bn (£1.2bn) to finance the building of nuclear power stations and to buy Russian arms.
The PM’s official spokesperson said Ms Siddiq had “denied any involvement in the claims” of embezzlement and continued to maintain her responsibility as a minister overseeing UK anti-corruption efforts.
Pressed about whether there was any conflict of interest in Ms Siddiq’s involvement in a 2013 Bangladeshi deal with Russia over a nuclear power plant and her ministerial role, the spokesman said: “I can’t speak to events that happened prior to a minister’s time in government.”
Sky News has approached the Bangladeshi Awami League Party – which Sheikh Hasina continues to lead – for comment.
A spokesperson for the party has been quoted saying the embezzlement claims are “fabricated”.
Sir Keir Starmer has joined other European leaders in Kyiv to press Russia to agree an unconditional 30-day ceasefire.
The prime minister is attending the summit alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.
It is the first time the leaders of the four countries have travelled to Ukraine at the same time – arriving in the capital by train – with their meeting hosted by President Volodymyr Zelenskyy.
Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kyiv. Pic: Reuters
Leaders arrive in Kyiv by train. Pic: PA
It comes after Donald Trump called for “ideally” a 30-day ceasefire between Kyiv and Moscow, and warned that if any pause in the fighting is not respected “the US and its partners will impose further sanctions”.
Security and defence analyst Michael Clarke told Sky News presenter Samantha Washington the European leaders are “rowing in behind” the US president, who referred to his “European allies” for the first time in this context in a post on his Truth Social platform.
“So this meeting is all about heaping pressure on the Russians to go along with the American proposal,” he said.
“It’s the closest the Europeans and the US have been for about three months on this issue.”
Sir Keir Starmer, Volodymyr Zelenskyy and Emmanuel Macron among world leaders in Kyiv. Pic: AP
Trump calls for ceasefire. Pic: Truth Social
Ukraine’s foreign minister Andrii Sybiha said Ukraine and its allies are ready for a “full, unconditional ceasefire” for at least 30 days starting on Monday.
Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement.
European leaders show solidarity – but await Trump’s backing
The hope is Russia’s unilateral ceasefire, such as it’s worth, can be extended for a month to give peace a chance.
But ahead of the meeting, Ukrainian sources told Sky News they are still waiting for President Donald Trump to put his full weight behind the idea.
The US leader has said a 30-day ceasefire would be ideal, but has shown no willingness yet for putting pressure on Russian president Vladimir Putin to agree.
The Russians say a ceasefire can only come after a peace deal can be reached.
European allies are still putting their hopes in a negotiated end to the war despite Moscow’s intransigence and President Trump’s apparent one-sided approach favouring Russia.
Ukrainians would prefer to be given enough economic and military support to secure victory.
But in over three years, despite its massive economic superiority to Russia and its access to more advanced military technology, Europe has not found the political will to give Kyiv the means to win.
Until they do, Vladimir Putin may decide it is still worth pursuing this war despite its massive cost in men and materiel on both sides.
“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.
“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”
Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP
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Putin’s Victory Day parade explained
The leaders said they were “ready to support peace talks as soon as possible”.
But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.
“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.
“We will continue to increase our support for Ukraine.”
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The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.
They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.
Military officers from around 30 countries have been involved in drawing up plans for a coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.
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This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.
On April 29, 2025, UK Finance Minister Rachel Reeves unveiled plans for a “comprehensive regulatory regime” aimed at making the country a global leader in digital assets.
Under the proposed rules, crypto exchanges, dealers, and agents will be regulated similarly to traditional financial firms, with requirements for transparency, consumer protection, and operational resilience, the UK Treasury said in a statement released following Reeves’ remarks.
Per the statement, the Financial Services and Markets Act 2000 (Cryptoassets) Order 2025 introduces six new regulated activities, including crypto trading, custody, and staking.
Rather than opting for a light-touch regime similar to the EU’s Markets in Crypto-Assets (MiCA), the UK is applying the full weight of securities regulation to crypto, according to UK-based law firm Wiggin. That includes capital requirements, governance standards, market abuse rules, and disclosure obligations.
“The UK’s draft crypto regulations represent a meaningful step toward embracing a rules-based digital asset economy,” Dante Disparte, chief strategy officer and head of global policy at Circle, told Cointelegraph.
“By signaling a willingness to provide regulatory clarity, the UK is positioning itself as a safe harbor for responsible innovation.”
Disparte added that the proposed framework can provide the predictability needed to “scale responsible digital financial infrastructure in the UK.”
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UK’s new crypto rules are “net positive”
Vugar Usi Zade, the chief operating officer (COO) at Bitget exchange, also expressed optimism regarding the new regulations, claiming that it “is a net positive” for the industry.
“I think a lot of companies recently exited or hesitated to enter the UK because they were not clear about what activities, products, and operations need FCA authorization. Firms finally get clear definitions of “qualifying crypto assets” and know exactly which activities—trading, custody, staking or lending—need FCA authorization.”
For exchanges, including Bitget, the UK’s draft rules mean they need full approval from the Financial Conduct Authority (FCA) to offer crypto trading, custody, staking, or lending services to UK users.
The rules also give companies two years to adjust their systems, like capital and reporting. “Mapping each service line to the new perimeter adds compliance overhead, but that clarity lets us plan product roll‑outs and invest in local infrastructure,” Zade said.
The new draft regulations reclassify stablecoins as securities, not as e-money. This means UK-issued fiat-backed tokens must meet prospectus-style disclosures and redemption protocols. Non-UK stablecoins can still circulate, but only via authorized venues.
Zade claimed that excluding stablecoins from the Electronic Money Regulations 2011 (EMRs), which keeps them out of the e‑money sandbox, could slow their use for payment.
However, Disparte, whose firm is the issuer of USDC (USDC), the world’s second-largest stablecoin by market capitalization, said predictability is key to fostering responsible growth in the UK.
“What matters most is predictability: a framework that enables firms to build, test, and grow responsibly—without fear of arbitrary enforcement or shifting goalposts. If realized, this could mark a pivotal moment in the UK’s digital asset journey.”
Related: UK regulator moves to restrict borrowing for crypto investments
UK to require FCA approval for foreign crypto firms
Among the biggest changes as part of the new draft rules is the territorial reach. Non-UK platforms serving UK retail clients will need the FCA authorization. The “overseas persons” exemption is limited to certain B2B relationships, effectively ring-fencing the UK retail market.
Crypto staking enters the perimeter as well. Liquid and delegated staking services must now register, while solo stakers and purely interface-based providers are exempt. New custody rules extend to any setup that gives a party unilateral transfer rights, including certain lending and MPC (multiparty computation) arrangements.
“Some DeFi nuances still need fleshing out, but the direction is toward efficient, tailored compliance rather than blanket restriction,” Bitget’s Zade said.
He added that the broad “staking” definition might sweep in non‑custodial DeFi models lacking a central provider. “Proposed credit‑card purchase restrictions—though aimed at high‑risk use—could dampen retail participation in token launches,” he said.
Furthermore, Zade said bank‑grade segregation rules for client assets could burden lean DeFi projects. “Final rule tweaks will need to mitigate these side effects.”
The FCA plans to publish final rules on crypto sometime in 2026, setting the groundwork for the UK regulatory regime to go live. The roadmap to greater regulatory clarity in the UK could follow the European Union, which started to implement its MiCA framework in December.
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Politics
European leaders to meet in Ukraine for ‘coalition of the willing’ talks – and issue call to Russia
Sir Keir Starmer will join other European leaders in Kyiv on Saturday for talks on the “coalition of the willing”.
The prime minister is attending the event alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.
It will be the first time the leaders of the four countries will travel to Ukraine at the same time – on board a train to Kyiv – with their meeting hosted by President Volodymyr Zelenskyy.
Follow latest updates on the Ukraine war
Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kiev. Pic: Reuters
Military officers from around 30 countries have been involved in drawing up plans for the coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.
Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement voicing support for Ukraine and calling on Russia to agree to a 30-day ceasefire.
Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP
“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.
“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”
Please use Chrome browser for a more accessible video player
Putin’s Victory Day parade explained
The leaders said they were “ready to support peace talks as soon as possible”.
But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.
“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.
“We will continue to increase our support for Ukraine.”
Read more:
Russia’s VE Day parade felt like celebration of war
Michael Clarke Q&A on Ukraine war
Ukraine and Russia accuse each other of breaching ceasefire
Listen to The World with Richard Engel and Yalda Hakim every Wednesday
The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.
They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.
This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.
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