UKGC plays key role in developing government’s ‘Economic Crime Plan’

The UK Gambling Commission (UKGC) has supported the publication of the government’s new Economic Crime Plan 2019-2022’, setting out the UK’s strategic priorities and agenda for combatting economic crimes threatening UK industry.

Established by new government task force the ‘Economic Crime Strategic Board’, and backed by the UK Treasury and Home Secretary, the crime plan covers ‘7 priority areas’ for combatting economic crimes.

Highlighting the threats of money laundering and terrorist financing on UK business, the task force seeks to develop a working collaborative framework for ‘public and private sectors to jointly deliver a holistic plan that defends the UK against economic crime’.

In its update, the government warns UK business stakeholders that criminal gangs are using sophisticated techniques to ‘target vulnerabilities within the current UK business regime’.

“There has been insufficient coordination and cooperation both within the public and private sectors and between the public and private sectors,” it said. “There has not been a clear sense of prioritisation. This plan sets out how we can do better.”

Establishing a three-year mandate, the plan seeks to reform UK business stakeholder coordination, supervision and reporting of economic crime, further enhancing law enforcement’s capabilities to prosecute criminal activity.

As one of three UK statutory supervisors monitoring money laundering and counter-terrorist financing, the UKGC will support the task force in the development of key actions related to risk management, digital identity and enhancing international cooperation networks.

The UKGC said: “Gambling operators will play a vital role in assisting the Commission, and the UK Government, realise this step-change plan for combating economic crime in the UK, and we urge operators to pay close attention to the plan and amend their risk assessments, policies and other controls where necessary.”

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