Tougher Crypto Regime Announced In The UK: The ‘Dirty Money’ Crackdown

The UK government is in the altcoin news for its regulatory attempt and action plan with which it aims to combat financial crimes that will include “action on cryptoassets” as it said. The tougher crypto regime will set out to “tackle fraud, money laundering, bribery and corruption” both at home and abroad.

The new Economic Crime Plan from H.M. Treasury and the Home Office aims to overhaul the way economic crime is tackled. As such, it will also build better cooperation between the government, law enforcement as well as the private sector – an official announcement showed on Friday.

What’s most interesting, as the latest cryptocurrency news show, is the fact that the plan includes £6.5 million in backing from Barclays, HSBC UK, Lloyds Banking Group, Nationwide, RBS and Santander UK – all in order to reform the Suspicious Activity Reporting regime.

“All parties will work together on longer term funding for developing richer intelligence and improving operational effectiveness in the fight against dirty money,” the announcement reads.

The agencies also want to take action and ensure that cryptocurrencies are not used for money laundering and/or other illicit activity. The tougher crypto regime is designed to ensure that, officials say.

The illicit activities will crypto will be regulated by the establishment of a new crypto assets regime in conjunction with the UK’s Financial Conduct Authority. The tougher crypto regime stated that this will “go beyond international standards to create one of the most comprehensive global responses to the use of crypto assets in illicit activity.”

Furthermore, an Asset Recovery Action Plan will be set in place to help and recover the proceeds of crime, including funds held outside the UK. The announcement shows that £1.6 billion was clawed back from criminals between 2010 and 2018.

“The UK has one of the toughest systems for combatting money laundering, but too many people are still falling victim to fraud. This crime fuels everything from drug dealing to modern slavery, fundamentally undermining people’s faith in our financial system and impacting economic growth. By bringing together leaders from across government, law enforcement and business, we can better tackle the scourge of dirty money, and ensure the UK continues to be one of the safest places in the world to invest and do business,” the Chancellor Hammond said in the coming altcoin news.