UK formulates economic plan to tackle crypto money laundering

The UK has announced a new economic crime plan that aims to eliminate “dirty money” in the country. The plan was agreed between Chancellor of the Exchequer Philip Hammond, Home Secretary Sajid Javid and heads of major financial institutions, law enforcement and legal institutions.

According to a municipality Press release by the HM Treasury and the Home Office, the plan will see the public and private sectors working more closely than ever to fight money laundering. The partnership will improve the levels of information sharing, technological innovation and pooling of resources. “Criminals will have nowhere to hide their ill-gotten gains,” the press release boldly states.

One of the steps the initiative will embark on will be the establishment of a new crypto-asset regime with the Financial Conduct Authority (FCA), the UK’s financial sector regulator. The new regime will go beyond international standards to create “one of the most comprehensive global responses to the use of cryptoassets in illicit activities.”

Other measures the new initiative will implement include strengthening law enforcement capacity “to better use data to proactively target fraudsters and those who launder dirty money.” It will also see reform of the suspicious activity reporting regime, with leading banks such as Santander, Barclays, HSBC, Lloyds Banking Group and RBS contributing £ 6.5million ($ 8million) to the initiative this year.

The Treasury also praised the efforts of various law enforcement agencies to make the UK a “world leader” in the fight against economic crime. However, the country still has a long way to go, with organized crime costing the country £ 37 billion each year. One in fifteen citizens would be the victim of fraud.

Interior Minister Sajid Javid commented:

Economic crime in all its forms threatens our security and prosperity and leaves a trail of victims in its wake. We have made progress in the fight to prevent criminals from profiting from their offenses, but we need to go further. Our new plan represents a radical shift in our response, bringing together the public and private sectors to relentlessly pursue the culprits and their dirty money.

The FCA has continued to be at the forefront of the fight against crypto crime in the UK.

British police have also cracked down on crypto fraudsters, arresting six of them last month in connection with the theft of $ 27 million in crypto. The six spoofed websites have tricked unsuspecting users into misleading their cryptos.

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