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<p>The Government’s ambitious Economic Crime Plan sets out the significant action
we are taking – in conjunction with the private sector – to combat money laundering
and other economic crimes. Many of the reforms committed to in the Plan will benefit
efforts to tackle trade-based money laundering (TBML), which the 2020 National Risk
Assessment on Money Laundering & Terrorist Financing assessed as a growing risk.</p><p>
</p><p>On TBML specifically, HMRC has established this threat as a priority illicit
finance risk. HMRC’s work includes reviewing current trade compliance procedures and
identifying opportunities to enhance our risk detection capabilities.</p><p> </p><p>More
widely, we are also investing more to tackle economic crime. The 2020 Spending Review
announced an increase in the government’s efforts to tackle economic crime by providing
an additional £30.5 million in resource and £32.5 million in capital funding in 2021/22,
including support for the National Economic Crime Centre (NECC) which coordinates
law enforcement’s response to money laundering.</p><p> </p><p>Further to this, we
are also currently formulating our response to the Economic Crime Levy consultation.
It will raise £100 million of additional funding per year to help fund reforms outlined
in the Economic Crime Plan, including for the Suspicious Activity Reports reform programme
and an uplift for the UK Financial Intelligence Unit. It will be an important source
of funding for our ongoing action to tackle money laundering in all its forms.</p>
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