On 30 March, the Home Office announced that the Government, law enforcement and private sector had agreed on a new plan to crack down on money laundering, kleptocracy and sanctions evasion.  The Economic Crime Plan 2 is said to build on the foundations of its predecessor with new actions to improve the system-wide response to economic crime through enhanced cooperation between government, law enforcement, supervisory agencies and the private sector.  The Plan provides for 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 10 years.  The 3-year plan focuses on achieving tangible outcomes, and commits to –

  • reducing money laundering and recovering more criminal assets;
  • combatting kleptocracy and driving down sanctions evasion; and
  • cutting fraud.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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