Financial Crime Definition in UK Takes Centre Stage as Regulators Unite to Combat Illicit Activities

The Menace of Financial Crime

Financial crime, encompassing fraud, money laundering, sanctions evasion, and terrorist financing, has been wreaking havoc on society, eroding market integrity and consumer confidence. This collective threat requires a unified effort from regulatory bodies, firms, government agencies, law enforcement, and industry partners to combat its devastating effects.

A Collective Effort

In 2022, the Financial Conduct Authority (FCA) published its three-year strategy, prioritizing the reduction and prevention of financial crime. The UK’s public-private national Economic Crime Plan 2 (2023-2026) and Fraud Strategy also outline actions for both public and private sectors to measurably reduce financial crime.

Key Players in Tackling Financial Crime

As a key player in tackling this issue, the FCA and its Office for Professional Body Anti-Money Laundering Supervision (OPBAS) lead or support 20 of the 43 actions outlined in the second Economic Crime Plan. As we approach the midpoint of our three-year strategy, we reflect on the progress made over the past 18 months and highlight areas where further collaboration can yield significant results.

Four Key Areas for Focus

Going forward, our efforts will focus on four key areas:

• Leveraging Data and Technology: Utilizing data analytics and technology to combat financial crime
• Fostering Collaboration: Strengthening relationships between industry stakeholders to enhance information sharing and coordination
• Enhancing Consumer Awareness: Educating consumers about the risks of financial crime and how to protect themselves
• Developing Effective Metrics: Creating measurable benchmarks to track progress and assess the effectiveness of our efforts

Working Together for a Tangible Impact

By working together, we aim to make a tangible impact on reducing and preventing financial crime in the UK. Our collective effort will help to create a safer financial environment, where consumers can trust that their interests are protected and market integrity is maintained.