The UK Government has published the Economic Crime Plan 2, setting forth the nation’s approach to improving the effectiveness of the money laundering regulations, refining the structure of the UK’s supervisory regime, and strengthening guidance between 2023 and 2026.

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;

Firms should read the Economic Crime Plan 2 to gain further insights into the UK Government’s projected approach to tackling economic crime, including the legislative and regulatory developments it encompasses.

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