The U.K. The state has drawn up an intervention scheme to tackle financial crimes, which will include “intervention on cryptoassets.” According to a Friday announcement, Treasury and Home Office aim to rethink how economic crime is addressed, constructing stronger collaboration between state, law enforcement and the private sector.
The action scheme was decided between Exchequer Chancellor Philip Hammond, Home Secretary Sajid Javid, and law enforcement agency officials, “significant” economic companies, and legal, accounting and estate organizations.
To “tack fraud, money laundering, bribery and corruption” at home and abroad, the plan includes £ 6.5 million in support from Barclays, HSBC UK, Lloyds Banking Group, Nationwide, RBS and Santander UK to reform the Suspicious Activity Reporting system.
The announcement reads:
“All parties will work together on longer term funding for developing richer intelligence and improving operational effectiveness in the fight against dirty money.”
The organizations also plan to act to guarantee that cryptocurrencies are not used for money laundering and other unlawful activity.
The latter will see the creation of a fresh cryptoasset system in combination with the Financial Conduct Authority of the United Kingdom, “working beyond international norms to generate one of the most extensive worldwide answers to the use of cryptoasset in unlawful activities.” Furthermore, an Asset Recovery Action Plan will assist retrieve criminal profits, including money kept outside the United Kingdom. Between 2010 and 2018, £ 1.6bn was scratched away from criminals, according to the announcement.
“The UK has one of the toughest systems for combatting money laundering, but too many people are still falling victim to fraud. This crime fuels everything from drug dealing to modern slavery, fundamentally undermining people’s faith in our financial system and impacting economic growth. By bringing together leaders from across government, law enforcement and business, we can better tackle the scourge of dirty money, and ensure the UK continues to be one of the safest places in the world to invest and do business.”