New money laundering plan to crack down on illicit finance

The government launches three-year plan setting out what agents and other businesses should do to crack down on dodgy money, kleptocrats, sanctions evasion and fraud.

Economic crime money laundering

The government has launched its new three-year economic crime plan, setting out what the public and private sectors should do to crack down on money laundering, kleptocrats, sanctions evasion and fraud.

Suella Braverman, Home Secretary
Suella Braverman, Home Secretary

Speaking at the UK Finance Economic Crime Congress last week Home Secretary Suella Braverman said: “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” noting that partnership with the private sector is critical to the plan’s success.

Elsewhere Security Minister Tom Tugendhat said the plan will focus on three commitments including strengthening law enforcement capabilities, improving transparency around UK companies to prevent the laundering of money as well as investing in cutting-edge technology and expertise.

Tackling economic crime is a key priority.”

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

Bob Wigley, UK Finance
Bob Wigley, UK Finance

“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.”

Law Society President Lubna Shuja adds: “We note the importance of the government’s focus on tackling illicit finance in the UK.

“Solicitors continue to play an important role in the public-private partnership in tackling economic crime.

MONEY LAUNDERING

“Through 43 actions, the Plan sets out how the public and private sectors can work together to reduce money laundering, recover more criminal assets, combat kleptocracy, drive down sanctions evasion and cut fraud.

“The profession invests significant resources in tackling money laundering and financial crime.

“We look forward to continuing our work with the government to deliver the plan through a new approach to public-private prioritisation.”

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