Government vows to ‘drive dirty money’ out of the UK economy through new Economic Crime bill

The UK government has vowed crack down on “kleptocrats, criminals, and terrorists” by driving “dirty money” out of the UK economy through its new Economic Crime Bill.  

The new bill is set to boost transparency, strengthen powers to seize and recover crypto assets, and bolster the investigative powers held by Companies House.

Anti-corruption campaigners Transparency International welcomed news of the bill as the group said it represents “a significant step toward ending Britain’s role as a global hub for dirty money.”

However, critics said the new bill will have little impact, unless fraud investigators are given “vastly greater resources” to actually tackle and enforce economic crime.

Moneyland author Oliver Bullough slammed the new bill as he argued “there is no point passing laws if you don’t also provide the resources for them to be enforced.”

Spotlight on Corruption warned the government’s new Financial Services Bill may also “open new doors” for dirty money, as it said “it would be a travesty if the lessons of Londongrad are not learned.”