Gambling Commission Welcomes UK’s Economic Crime Plan

Gambling Commission Welcomes UK’s Economic Crime Plan

The Uk Gambling Commission has welcomed the government’s Economic Crime Plan which emphasizes establishing enhanced cooperation across sectors to “protect the security and prosperity of the UK”.

The new Economic plan prioritizes curbing crimes such as money laundering and terrorist financing. It has been agreed by Chancellor Philip Hammond and the Home Secretary Sajid Javid, alongside major financial institutions, legal, accountancy and property organizations and law enforcement, as well as the Gambling Commission.

The UKGC has said that it “endorses the plan and looks forward to contributing to its delivery”.

Commenting on the role of gambling operators the UK gambling watchdog also asked the operators to “pay close attention to the plan and amend their risk assessments, policies and other controls where necessary”.

The Economic Crime plan states: “For the public and private sectors to jointly 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 supports legitimate growth and prosperity”.

Javid and Hammond stated in the Economic Crime Plan’s ministerial foreword: “The ever-evolving and clandestine nature of economic crime mean 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 Joint Money Laundering Intelligence Taskforce, which has so far supported 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.”

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