UK Creates Task Force Against Dirty Money
The UK government is introducing a “task force”, the Economic Crime Strategic Board, to be drawn from senior banking industry figures and others to prevent fraud, corruption and dirty money.
The concern has been that London, as an international financial centre, has been an easy target in the past for criminals. A need has long since been identified to take action on all fronts … ‘to target corrupt actors who line their pockets with dirty money and live luxury lifestyles at the expense of law-abiding citizens’. Reported figures from the government states that up to $18.50 billion worth of economic crime is committed every year.
The UK Government has been taking a number of steps to deter dirty money, such as its Unexplained Wealth Order regime introduced last year. It has also suspended its Tier 1 Investor Visa programme, pending a review, amid concerns about its possible misuse.
As far as domestic tax evasion is concerned, evasion is now a strict liability offence – authorities no longer have to prove intent.
SOURCE: WealthBriefing (15 JAN 19)