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UK’s new economic crime plan includes action on cryptocurrencies

Yogita Khatri
The government of U.K. has released a new economic crime plan (2019-2022), which includes action on cryptocurrencies to ensure they're not being used for money laundering and other illicit activity.The post UK’s new economic crime plan includes action on cryptocurrencies appeared first on The Block.

The government of U.K. has released a new economic crime plan (2019-2022), which includes action on cryptocurrencies to ensure they're not being used for money laundering and other illicit activity.

The plan reveals that the government is to bring all cryptocurrency businesses into anti-money laundering (AML)/ combating the financing of terrorism (CTF) regulations in January 2020.

“This will aim to not only meet the latest international standards but provide one of the most comprehensive responses globally to the use of cryptoassets for illicit activity,” reads the plan, which is agreed between Chancellor Philip Hammond, Home Secretary Sajid Javid, and other officials.

The Financial Conduct Authority (FCA), the country’s financial watchdog, will be the supervisor of the regulations, meaning it will introduce and maintain a “strong AML regime” for cryptocurrency firms.

“By bringing together leaders from across government, law enforcement and business, we can better tackle the scourge of dirty money,” said Hammond.

Earlier this month, the FCA proposed to ban the sale of cryptocurrency derivatives and exchange-traded notes to retail investors.