The announcement of the UK government’s new task force designed to combat financial crime was discussed in an article in moneylaundering.com on 14 January 2019. The UK Economic Crime Strategic Board will comprise representatives from some of the major UK banks, as well as lawyers, accountants and estate agents. It aims to set clear policy goals for the UK’s effort to reduce money laundering and other economic crimes. In connection with this, the government also announced that more funding would be provided for improvements to the SARs regime. Russell Hopkins said that this funding would likely be welcomed for being “a step in the right direction”.
“From the financial institutions’ perspective they’re often looking for authorisation to proceed with a transaction and need matters to be dealt with quickly.”
He noted as a caution that it remains to be seen whether results will be delivered.