The Economic Crime Plan, launched in 2019 following
approval by the Economic Crime Strategic Board (ECSB),
set out an ambitious programme of work to tackle fraud
and money laundering and set out how the UK’s public
and private sectors would work together to improve our
response to economic crime.
The statement of
progress today is published following a meeting of
the ECSB in February. It sets out how the government
has worked through the coronavirus pandemic to tackle
economic criminals and disrupt hostile actors.
The statement of progress shows:
-
improved understanding of the threat – including
through the third publication of the UK’s National
Risk Assessment of Money Laundering and Terrorist
Financing and the setting up of a “Fusion Cell” in
the National Economic Crime Centre
-
addressing vulnerabilities in the system –
including by updating anti-money laundering
requirements
-
investment in law enforcement – an extra £63
million for the Home Office to drive efforts in
dealing with economic crime and cracking down on
fraud
Home Secretary said:
I will not tolerate criminals lining their pockets
with dirty money at the expense of law-abiding
citizens.
This statement shows we have made progress, but it’s
vital we continue to work with the private sector and
law enforcement to win the fight against economic
crime.
,
Economic Secretary to the Treasury said:
Our collective efforts have already made it harder
for criminals to abuse the UK’s global financial
centre but there remains a lot to do. It is crucial
that we continue to work closely with public and
private sector partners to understand the threat,
address vulnerabilities and crack down on illicit
financial activity.
The ECSB is a government taskforce chaired by the Home
Secretary and the Chancellor of the Exchequer that
works with senior figures from the UK financial, legal
accountancy, insurance and property sectors to tackle
economic crime, to protect the public and industry from
scammers and fraudsters.
The forward delivery plan within the statement of
progress includes measures to tackle illicit finance
cracking down on a range of threats that underpin
cash-based money laundering, such as using money mules.
The plan is underpinned by seven key actions, building
on the original actions within the Economic Crime Plan
and further stepping up the level of ambition.
The government will continue to work closely with the
private sector to ensure the UK’s status as a global
financial centre and the ease of doing business cannot
be taken advantage of by criminals.
