As part of a plan to counteract the financing of terrorism and money laundering, this region establishes an agreement of independent actions where it includes cryptocurrencies as a risk factor.

As part of a set of actions that had been planned since January for a better economic control and legislation, the government of Great Britain has prepared a new document that specifies new legal changes to face financial crimes and, among them, the crimes related to cryptoactives.

The document prepared and drafted by Her Majesty’s Treasury, and the Ministry of Interior of the United Kingdom, is a manual which contains the actions that must be taken to counteract the financial crimes that are also linked to cryptocurrencies, including theft, fraud, corruption, bribery and money laundering, among others.

The amendment to the laws related to these crimes is a way to face the new financial approaches that are taking global boom and that seeks to establish a new regulation to attack economic crime in the region. In addition, the amendment helps to establish a better alliance between the British government and private companies, which hope to strengthen their security levels.

The main objective of the plan is to establish a better alternative to the suggestions and regulations proposed by the FATF to deal with cryptographic matters. It is for this reason that through the Financial Conduct Authority (FCA), they will impose an action plan against the cryptocurrencies used to conduct money laundering, as well as the diversion of resources due to corruption and terrorist financing.

The plan has the approval of all legal, public and private sectors, such as private companies linked to cryptocurrencies, chiefs of security and public order forces,legal organizations, as well as Sajid Javid,who was Minister ofInterior and the British Parliament member Philip Hammond.

The plan to improve legal resources to counteract financial crimes will start from a set of premises that will set the route for its establishment. Among these premises, the plan to improve the understanding of new technologies is highlighted in order to finally detect the threats that these assets might bring.

Another objective is to ensure that all rigorous procedures and tools at the hands of the authorities are in full capacity for the application of justice, as well as develop recovery methods for financial crimes and, thus, improve crime risk management in all sectors of the country. Finally, another plan is to expand the improvement of transparency systems, with the aim to certify the ownership of legal agreements and legal entities.

In the central context of the legal agreement, it is important to emphasize that despite this is a document that invites to work together to achieve the same objective, an independence is established between the actions of each cooperative. This forces entities and organizations to conduct investigations in order to avoid money laundering and the use of resources to finance terrorism, using cryptocurrencies or fiat money.

By María Rodríguez


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