The UK Home Secretary Suella Braverman has strengthened the UK’s fight against ‘dirty money’ with the unveiling of a new strategy on economic crime. 

Central to the plans is enabling the ability of governance to strip corrupt elites and criminal gangs of assets obtained illegally. 

Furthermore, it also comes off the back of increased sanctions as a result of Russia’s invasion of Ukraine, with an increased capacity being pushed toward the detection and disruption of money laundering. 

It was also detailed on top of what it described as ‘an unprecedented package of sanctions in response to Russia’s invasion of Ukraine’; now expanding the National Crime Agency’s Combatting Kleptocracy Cell to target more corrupt elites and their enablers, while consolidating the effectiveness of UK sanctions.

Speaking on the plans, Home Secretary Braverman stated: “Economic crime undermines the integrity of our financial system and weakens our national security.

“Through robust legislation and a strengthened law enforcement response, we’ve come a long way in cracking down on dirty money, but this plan helps us go further.

“Backed by our partnership with the private sector, we have the resources and expertise we need to identify criminal networks and confiscate the proceeds of their illicit activities.”

The government also outlined that for the plans to be as successful as possible an enhanced collaboration with the private sector is essential as collective intelligence and resources to detect and disrupt economic crime take centre stage. 

Treasury Lords Minister Baroness Penn backed the plans, stating: “Economic crime harms our economy and destroys lives. More funding from the government and the new contribution from industry through the new levy will allow us to deliver a step change in our response.”

Bob Wigley, Chair of UK Finance also added: “Tackling economic crime is a key priority for the banking and finance industry and we welcome the launch of the Second Economic Crime Plan.

“Partnerships between the private sector, law enforcement, regulators and government are vitally important. Through this new plan we will continue to work together to ensure our collective system more effectively combats all forms of economic crime.”