As per the latest reports, the United Kingdom government has come up with a new plan called Economic Crime Plan in order to better tackle the crimes related to the finance industry, including the crypto space. One of the key focuses of the plan will be to stop crimes related to digital currency.
The Economic Crime Plan has been agreed upon by multiple authorities including Sajid Javid – Home Secretary, Philip Hammond – Chancellor, heads of major financial companies, and law enforcement firms, as well as accountancy, property, and legal organizations. The plan comes after the Financial Conduct Authority, the financial watchdog of the UK, proposed a ban on crypto-related investment instruments a few weeks ago for safeguarding retail investors.
This new plan outlines the steps which the FCA must take for better assessing the financial risks in the industry. Moreover, the proposal also suggests FCA build a dedicated regime that will address all the crypto-related concerns.
According to the reports, the FCA will be anticipated to go beyond the global standards for creating one of the most comprehensive global responses against the usage of digital currencies in illicit activities. This plan has outlined its development between the years 2019-2022. However, how fast the plan would be moving is still unclear.
The Economic Crime Plan targets to execute guidelines on the way authorities should be responding to the illegal financial schemes, such as money laundering, fraud, corruption, and bribery. In addition to that, the plan is also aimed at establishing improved cooperation between key entities including, law enforcement, private sector, and the government.
Apart from that, this plan also intends to reform the approaches when it comes to tackling the economic crimes in the country. It includes revamping the regime of the Suspicious Activity Reporting that has found a massive financial backing of 6.5 million pounds by HSBC UK, Santander UK, Nationwide, Lloyds Banking Group, RBS, and Barclays.
Hammond stated that as the leading authorities have come together, they would be better equipped to address the dirty money scourge and make sure that the UK continues being in the list of the world’s safest places to do business and invest.
The Finance Chairman of the UK Bob Wigley stated that this plan would act as a blueprint for the ways private and public sector could work together for cracking down responsible criminals so that the country becomes the most transparent and cleanest for financial businesses across the world.