The government recently released the Economic Crime Plan, which provides information on action being taken by the public and private sectors to ensure that the UK cannot be abused for economic crime.
The Plan sets out 7 priority areas that were agreed in January 2019 by the Economic Crime Strategic Board, the ministerial level public-private board charged with setting the UK’s strategic priorities for addressing economic crime:
To develop a better understanding of the threat posed by economic crime and our performance in combating economic crime
To pursue better sharing and usage of information to combat economic crime within and between the public and private sectors across all participants
To ensure the powers, procedures and tools of law enforcement, the justice system and the private sector are as effective as possible
To strengthen the capabilities of law enforcement, the justice system and private sector to detect, deter and disrupt economic crime
To build greater resilience to economic crime by enhancing the management of economic crime risk in the private sector and the risk-based approach to supervision
To improve our systems for transparency of ownership of legal entities and legal arrangements
To deliver an ambitious international strategy to enhance security, prosperity and the UK’s global influence
Commenting on the Plan, John Cannon, managing director of Fraud & ID at TransUnion told IFA Magazine:
“The collaborative effort and investment announced today by some of the UK’s leading banks to tackle the issue of money laundering is a welcome indication of the commitment within financial services to addressing the risks posed by this aspect of crime.
“While the scale of money laundering – estimated to cost the UK economy up to £100 billion a year – is not disputed, there hasn’t historically been one concerted strategic direction or approach to tackle it. Coming together as a rigorous, well-funded, multi-party effort is an admirable step and it’s really positive to see public and private sector uniting here.
“While it should not be seen as an end state or ‘mission complete’, it’s what the UK needs as a hub of global financial activity and the home of many of the world’s global banking institutions.”