The UK government is gearing up to fight individuals who abuse their financial system through its new “Economic Crime Plan 2.” One of the strategies is to set up a new multi-agency crypto cell to use law enforcement to prosecute the use of crypto assets to launder illicit finance.
By Q4 of 2023, the UK government hopes to have a new crypto cell up and running. The Economic Crime Plan 2 is a three-year plan (2023-2026) backed by £400 million in additional investment to fight economic crime.
In order to improve awareness of the UK’s crypto-asset system and the function of the Financial Conduct Authority (FCA) in overseeing crypto-asset activities, it also wants to provide training to partner agencies and law enforcement by Q2 2024.
“It is vital that as law enforcement begin to seize increasing volumes of crypto-assets the storage of crypto-assets is made more secure to help ensure assets can be returned to owners, returned to victims, or sold,” says UK’s Home Secretary Suella Braverman.
The government will lay out plans to “robustly” regulate crypto-asset operations, giving everyone confidence and clarity, in order to safeguard users and expand the economy.
These actions will reportedly support the UK government’s goal of making the place a desirable location for crypto assets expansion.
The UK government will use FCA data analytical tools to develop innovative ways to identify the risks of illicit use of crypto-assets and share the results with partners. It will also map and improve security around the storage of seized crypto assets.
If passed, the Economic Crime and Corporate Transparency Bill will provide law enforcement with the authority to more quickly and efficiently confiscate, freeze, and recover cryptocurrency assets that are the proceeds of illicit activities.
Also Read: Decoding the UK Crypto Assets Taskforce and Its Impact on the Crypto Market
