Government announces plan to crackdown on financial crime
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.”