The war on financial crimes is one that seems to be raging every moment and in different parts of the world, and different governments are employing different measures to check these crimes. The government of the U.K. has gone to the drawing board to come up with strategies that will help fight financial crimes, and interestingly, there is a spotlight on crypto assets.

Financial Crime Prevention 

It may interest you to know that there is a new Economic Crime Plan, and it is targeted at bringing total change to how economic crimes are handled, while ensuring that there is an improved cooperation between the private sector, the law enforcement agencies, and the government. There are several factors that have been considered prior the agreement to the plan, and these factors include the penalties and possible repercussions of the actions on the economy, businesses, and the people. However, the action plan has several leaders of top financial agencies and institutions, law enforcement agencies, among other organizations, in agreement to the plan.

Dealing with financial crimes is a big deal, and dealing with it at home and abroad makes it an even bigger deal, and this is what UK intends to do, and so their plan has a backing of about £6.5 million from different sources including HSBC UK, Barclays, Santander UK, Lloyds Banking Group, etc. as they move to bring the much needed reformation to the economy and financial operations of the country. Basically, all the parties involved in the process are expected to work in synergy, in order to fund the project on a long term basis, and thus facilitate the generation of more intelligence, while also bringing some improvement to the operations and functionalities. The whole essence of the project is bring about effectiveness and efficiency while dealing with dirty money.

Managing Digital Assets 

Furthermore, as part of the crackdown on financial crimes, the agencies are doing all they can to monitor how digital assets are used, and also ensure that they do not become tools to aid money laundering, among other illegal activities. Hence, the agencies are coming up with the setup of a new set of digital assets’ rules that are in accordance with the Financial Conduct Authority of the United Kingdom. It is intended that these rules will surpass international standards, and thus have a better and comprehensive way to deal with the use of cryptocurrency for illegal purposes.

In addition to all of these, there is also an action plan that was created to aid in the recovery of funds that may have been as a result of financial crimes, and funds that are held across border are included. It may interest you to know that between 2010 and 2018, as much as £1.6 billion was recovered from criminal activities. While the UK may have a very tough system that protects users’ finances, there have still been cases of people being victims of different types of fraudulent activities, and that has caused the faith in the system to dwindle, and that is why the government of the U.K. are working to make financial fraud tougher for criminals.

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