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Crypto will witness a fierce war with the UK

2019-07-15 10:05 am | Resource: News Section | No Views : 57

Crypto will witness a fierce war with the UK The United Kingdom began the war on Crypto and its related, under the fight against financial crimes in the country, according to a statement issued last Friday, July 12.
The King's new economic crime plan aims to reform the way in which economic crime is handled and to build better cooperation between government, law enforcement and the private sector.
The plan of action was agreed upon by Treasury Secretary Philip Hammond, Interior Minister Sajid Javed, law enforcement leaders, "major" financial institutions, legal institutions, accounting and property.
Within the framework of preparing for "Fraud, Money Laundering, Bribery and Corruption" at home and abroad, the plan includes £ 6.5 million with the support of Barclays, HSBC UK, Lloyds Banking Group, Newswide, RBS and Santander in the UK to fix the suspicious activities report.
The statement said:
"All parties will work together for long-term financing to develop richer information and improve operational effectiveness in the war on dirty money."
The agencies also intend to take action to ensure that Crypto is not used for money laundering and other illegal activities.
The latter will see the creation of a new digital currency asset system in conjunction with the UK's Financial Behavior Authority, "beyond international standards to create one of the most comprehensive global responses to the use of cryptographic groups in illegal activity."
In addition, the recovery of assets will help to recover proceeds of crime, including funds held outside the UK. According to the encrypted currency statement, £ 1.6 billion of criminals were recovered between 2010 and 2018.
Counselor Hammond said:
"The UK has one of the most difficult anti-money laundering systems, but many people are still victims of fraud because of Crypto and other ways. This crime fuels everything from drug abuse to modern slavery, which fundamentally undermines people's faith in our financial system and affects growth. By bringing together leaders from across the government, law enforcement and businesses, we can tackle the scourge of dirty money better and ensure the UK continues to be one of the safest places in the world to invest and do business. "

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