UK commission backs Economic Crime Plan

The UKGC is in favour of the government’s Economic Crime Plan that aims to improve security.

UK.- The UK Gambling Commission (UKGC) has backed the government’s Economic Crime Plan, which aims to introduce cross-sector collaboration. This is part of an attempt to improve safeguards to protect the security and prosperity of the territory.

The gambling regulator said that in its role as a statutory supervisor under current money laundering regulations in the territory, it backs the plan and looks forward to contributing to its delivery. The gambling commission is part of a group of major financial institutions, legal, accountancy and property organizations and law enforcement that have agreed the plan set out by Chancellor Philip Hammond and the Home Secretary Sajid Javid.

The UKGC will play a key role in assisting the introduction and proper operation of the Economic Crime Plan. The regulator will urge operators to pay close attention to the plan and amend their risk assessments, policies and other controls where necessary, the UKGC explained.

Javid and Hammond said: “The ever-evolving and clandestine nature of economic crime means it can only be combated by harnessing the capabilities, resources, and experience of both the public and private sectors. For the first time, this plan sets out how both sectors will work together to tackle economic crime.

“The work of the Joint Money Laundering Intelligence Taskforce, which has so far supported over 600 law enforcement investigations, directly contributed to over 150 arrests as well as the seizure or restraint of over €40 million in illicit funds, demonstrates what a successful public-private partnership can achieve.”

The plan will improve the system that tackles economic crime

The actions in this plan set out an ambitious agenda to strengthen the whole-system response for tackling economic crime. A greater understanding of the threat, improved transparency of ownership, and better sharing and usage of information will enable the public and private sectors to more efficiently and effectively target their resources.

“They will also strengthen the resilience of the UK’s defences against economic crime through enhanced management of economic crime risk in the private sector and the risk-based approach to supervision,” said Javid and Hammond.

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