LONDON— The government of the United Kingdom has released a new three-year plan for combating corruption and economic crimes. Separately, three regional fintech organizations have joined a national body.
Under the New Economic Plan, all cryptocurrency-related businesses operating in the U.K. will have to comply with combating the financing of terrorism (CTF) and anti-money laundering (AML) regulations before early 2020.
The economic plan outlines seven priority areas that include money laundering, fraud, and other such economic ills the country currently faces. The mission behind the new financial plan is to create a more transparent economic environment, Tron Weekly Journal said.
Task Force Launched
“As an economic guide, for the financial year of 2019 to 2020, the plan intends to focus on the role of financial products and virtual currencies in propelling criminal activities as well as financial terrorism. The economic policy comes at a time when the relevant government agencies launched a cooperative task force, the Economic Crime Strategic Board in January,” Tron Weekly Journal said.
“The U.K government is keen on establishing a new cryptocurrency apparatus with the Financial Conduct Authority (FCA). As a government, we are determined to create a crypto regime that will go beyond current international levels. We intend to create one of the most significant global reactions to the use of virtual currencies in illegal activities,” the U.K. government stated in a release.
Three Regional Bodies Join FinTech National Network
Separately, the FinTech National Network has seen three regional bodies join the new lobby group to extend its countrywide reach at its first meeting.
FinTech Northern Ireland, FinTech Wales and FinTech West joined the national body, at its inaugural session in Manchester, Alti Fi reported.
The new nationwide group already includes FinTech North and FinTech Scotland, after being launched during U.K. FinTech Week in April by industry body Innovate Finance.
The national body said its aims are “to foster collaboration between national hubs and encourage innovators up and down the country.”
It added it would also focus on “mutually beneficial initiatives, such as skills and talent, capital and investment, and diversity, and seek to connect respective fintech ecosystems across the U.K., as well as to international markets,” Alti Fi reported.