UK Pulls Banks Into Fight Against Economic Crime

Law360, London (July 12, 2019, 3:01 PM BST) -- The government published plans on Friday to overhaul the way it polices economic crime, including improving the reporting of suspicious transactions, a new regime for cryptoassets and more involvement from financial services companies.

The government plans to create a “strategic board,” agreed by the Treasury and the Home Office, to oversee improvements to policy on economic crime, which according to estimates costs the U.K. at least £37 billion ($46 billion) a year. The board met for the first time on Wednesday, with regulators, police, government and banks — some of which have been penalized for their own money laundering lapses — on...

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