You are here: Home - Household Bills - News -

Government announces plan to crackdown on financial crime

Written by: Shekina Tuahene
People who abuse the UK’s financial system will be identified and stripped of their cash as part of the Government’s new plan to tackle economic crime.

Some 475 financial crime investigators will be trained to spot incidents of money laundering and recover £1bn in criminal assets over the next decade. 

The Government will also invest £100m in technology to help law enforcement detect the new ways people might launder money. A multi-agency crypto cell will also be established to identify, seize and store illegal crypto assets. 

The Government said co-operation with the private sector would be needed for the plan to succeed. It will therefore develop a new approach to the public and private sector relationship to detect criminal activities. 

This will be established by the Economic Crime and Corporate Transparency Bill, which is still passing through Parliament. 

The three-year plan is backed by an investment of £400m, including £200m from the government and £200m raised through the Economic Crime (Anti-Money Laundering) Levy on the private sector. 

Combatting economic crime

Bob Wigley, chair of UK Finance, said: “Tackling economic crime is a key priority for the banking and finance industry and we welcome the launch of the Second Economic Crime Plan. 

“Partnerships between the private sector, law enforcement, regulators and government are vitally important. Through this new plan, we will continue to work together to ensure our collective system more effectively combats all forms of economic crime.” 

Home Secretary Suella Braverman, said: “Economic crime undermines the integrity of our financial system and weakens our national security. 

“Through robust legislation and a strengthened law enforcement response, we’ve come a long way in cracking down on dirty money, but this plan helps us go further. 

“Backed by our partnership with the private sector, we have the resources and expertise we need to identify criminal networks and confiscate the proceeds of their illicit activities.” 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week