UK Gambling Commission Backs UK’s Economic Crime Plan

The United Kingdom Gambling Commission has backed the Government’s introduction of its Economic Crime Plan, which has the goal to introduce cross sector collaboration to ensure better safeguards are in place to “protect the security and prosperity of the United Kingdom.”

The priority of this plan is to face and combat crimes such as money laundering and terrorist financing.

Chancellor, Philip Hammond, and Home Secretary, Sajid Javid, agree on the plan. The plan is also backed by major financial institutions, legal, ancy and property organizations and law enforcement, including the UK Gambling Commission. The UKGC stresses that as a statutory supervisor under the money laundering regulations it “endorses the plan and looks forward to contributing to its delivery.”

The regulatory bodies are urging operators to pay close attention to the plan and amend their risk assessments, policies and other controls where necessary. The operators will play a vital role to assist and put the stop-change plan into motion.

The public and private sectors have a t vision moving forward: “For the public and private sectors to tly deliver a holistic plan that defends the UK against economic crime, prevents harm to society and individuals, protects the integrity of the UK economy, and s legitimate growth and prosperity. This plan sets out how both sectors will work together to tackle economic crime.”

As far as the delivery goes, seven key priority points have been established, which are considered to be the greatest barriers in combating economic crime, as well as where it is seen that the most scope for collaborative work between the public and private sectors could improve response, that re to:

• Develop a better understanding of the threat posed by economic crime and our performance in combating economic crime.
• Pursue better sharing and usage of information to combat economic crime within and between the public and private sectors across all participants.
• Ensure the powers, procedures and tools of law enforcement, the justice system and the private sector are as effective as possible.
• Strengthen the capabilities of law enforcement, the justice system and private sector to detect, deter and disrupt economic crime.
• Build greater resilience to economic crime by enhancing the management of economic crime risk in the private sector and the risk-based approach to supervision.
• Improve our systems for transparency of ownership of legal entities and legal arrangements.
• Deliver an ambitious international strategy to enhance security, prosperity and the UK’s global influence.

Javid and Hammond stated in the Economic Crime Plan’s ministerial foreword: “The ever-evolving and clandestine nature of economic crime means it can only be combated by harnessing the capabilities, resources, and experience of both the public and private sectors. For the first time, this plan sets out how both sectors will work together to tackle economic crime.”

“The work of the t Money Laundering Intelligence Taskforce, which has so far ed over 600 law enforcement investigations, directly contributed to over 150 arrests as well as the seizure or restraint of over £34m in illicit funds, demonstrates what a successful public private partnership can achieve.”

Source:

“Gambling Commission throws behind UK’s Economic Crime Plan”, casinobeats.com, July 26, 2019.