On 30 March 2023, the Government published the Economic Crime Plan 2 for 2023- 2026.
The Economic Crime Plan 2 builds on the foundations of its predecessor with new actions to improve the system-wide response to economic crime through enhanced cooperation between Government, law enforcement, supervisory agencies and the private sector.
The Economic Crime Plan 2 sets out the following actions:
- The Government’s response to economic crime will be bolstered by 475 new highly trained financial crime investigators, spread across intelligence, enforcement and asset recovery at key agencies. This increased capacity will be targeted toward the detection and disruption of money laundering and the recovery of an additional £1 billion in criminal assets over the next ten years.
- Building on the package of sanctions in response to Russia’s invasion of Ukraine, the Government is 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.
- The Government is investing £100 million in cutting edge technology, including data analytics, to equip law enforcement with the tools they need to stay one-step ahead. A new multi-agency crypto cell will be established that combines law enforcement and regulators to pool expertise and more effectively identify, seize and store illicit crypto assets.