The United Kingdom (UK) has presented a new plan to combat financial crimes. Cryptocurrencies are also mentioned in the plan. The purpose of the plan is to “fight against fraud, money laundering, bribery and corruption.”
The UK is known worldwide as one of the safest countries to invest in and do business. Yet it is now tightening the approach to financial crime to make the country even safer. Finance Minister Philip Hammond said:
The United Kingdom has one of the strictest anti-money laundering systems, but too many people still fall victim to fraud. This crime feeds everything, from drug trafficking to modern slavery, and fundamentally undermines people’s confidence in our financial system and affects economic growth. By bringing together government, law enforcement and business leaders, we can better tackle the scourge of black money and ensure that the UK remains one of the safest places in the world to invest and do business,
Different parties in the country will now work together to set up a better system. The Economic Crime Plan was drawn up by HM Treasury and Home Office in collaboration with, among others, a number of large banks.
For example, HSBC, Barclays, Lloyds Banking Group, Nationwide Santander UK and RBS will support the plan with a total of £ 6.5 million. In the announcement of the plan you can read:
All parties work together on long-term financing to develop better information and improve operational effectiveness in the fight against black money.
When it comes to cryptocurrency, the parties plan to “go beyond international standards to create one of the most comprehensive global responses to the use of crypto assets in illegal activities.” What this will look like in practice currently unknown.