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Britain Begins Work on New Economic Crime Strategy, Plans More Legal Reforms

By Koos Couvée

U.K. officials plan to introduce certain exemptions for financial institutions to reduce the volume of low-value suspicious activity reports, or SARs, and are "open" to raising incorporation fees to fund a crackdown on criminal abuse of legal entities. Responding to parliamentary criticism of Britain's overall campaign against economic crime, the government on Thursday also unveiled plans in a report to develop a new, multiyear strategy against fraud, graft, money laundering and other crimes that will depart from previous approaches by focusing more on "measurable outcomes." "This shift in focus will help to ensure that the private and public sectors energies...

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