A U.K. parliamentary group wants to address the chronic lack of resources for British law enforcement agencies by reinvesting money from anti-money laundering penalties, deferred prosecution agreements and asset seizures back into a new fund for tackling illicit finance. Dame Margaret Hodge MP, who chairs the House of Commons' All Party Parliamentary Group on Anti-Corruption and Responsible Tax, pitched plans this month to revise the Economic Crime and Corporate Transparency Bill, legislation that aims to stem criminal abuse of U.K. legal entities, enhance financial intelligence-sharing and ramp up seizures of illicitly held cryptocurrency. The first amendment would, if enacted, require...
Legislation published on Sept. 22 aims to newly empower British banks, payment platforms, cryptocurrency exchanges and other companies regulated for anti-money laundering purposes to share data on suspicious clients and transactions with each other.
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