UK Publishes Economic Crime Plan 2

The plan announces the Government’s objectives to:

• Reduce money laundering and recover more criminal assets;
• Combat kleptocracy and drive down sanctions evasion;
• Cut fraud;
• Reduce the threat international illicit finance poses to the UK and UK interests;
• Underpin system reforms and capabilities.

To deliver the Government objectives, significant measures will be taken, including:

• The appointment of 475 financial crime investigators, targeting money laundering and asset recovery;
• A new ‘Crypto Cell’ combining law enforcement agencies and regulators to tackle the criminal abuse of cryptoassets;
• An expanded “Combatting Kleptocracy” cell to target corrupt elites, their money and enablers;
• A new approach to public-private prioritisation aimed at maximising the sharing of resources to prevent, detect and disrupt economic crime;
• The ambitious reform of the UK’s supervisory regime to encourage greater information and intelligence sharing;
• New state-of-the-art technology that would provide law enforcement with greater information access;