The UK Government, law enforcement, and the private sector agree on a new plan to crack down on money laundering, kleptocracy, and sanctions evasion, the so-called Economic Crime Plan 2. The 3-year plan is intended to cut crime, protect our national security, and support the UK’s legitimate economic growth and competitiveness. Corrupt elites and criminal gangs who abuse our financial system will be identified and stripped of their cash through a new plan to tackle economic crime.
The response to economic crime will be bolstered by 475 new highly trained financial crime investigators spread across intelligence, enforcement, and asset recovery at key agencies. This increased capacity will be targeted toward the detection and disruption of money laundering and the recovery of an additional £1 billion in criminal assets over the next ten years, said the Home Office.
The National Crime Agency’s (NCA) Combatting Kleptocracy Cell will also be expanded to target more corrupt elites and their enablers while consolidating the effectiveness of UK sanctions.
The UK’s supervisory regime will be strengthened, with increased information sharing between partners and greater government oversight to ensure effectiveness and compliance with Money Laundering Regulations.
