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<p>In 2013, the Economic Crime Command of the National Crime Agency was established
to lead, co-ordinate and support the national law enforcement response to money laundering.
This involves working with the financial sector, to improve information sharing arrangements
with law enforcement agencies to aid the fight against money laundering. It also involves
working with the Law Society, Solicitors Regulation Authority and law enforcement
partners to increase legal professionals’ awareness of money laundering risks.</p><p>The
National Crime Agency, in its 2014 National Strategic Assessment, has assessed the
overall scale of international money laundering through UK banks and their overseas
subsidiaries, although there is no reliable estimate of the detection rate of illicit
funds.</p><p>The Government is committed to protecting the integrity of our financial
system and ensuring that the UK is a hostile environment for illicit funds. To that
end, the Government has introduced a number of measures to tackle the movement of
illicit funds into the UK.</p><p>In addition, the UK is taking forward world-leading
reform to improve corporate transparency and working hard to encourage others to take
equally ambitious action. We have committed to implement a publicly accessible register
of information on the individuals that own and control UK companies. Reform is being
taken forward through the Small Business, Enterprise and Employment Bill and we intend
to introduce the register in 2016.</p><p> </p>
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