UK to Invest £500 Million Over Next 3 Years in Anti-Money Laundering, Adding 500 Enforcement Personnel

Odaily News: The UK government has announced that it will invest £500 million over the next three years in a new anti-money laundering and asset recovery strategy, and will recruit 500 additional personnel across police forces, the National Crime Agency (NCA), and the Crown Prosecution Service to track down and seize criminal funds.

The funding comes from an economic crime levy imposed on regulated businesses. The UK Home Office stated that the NCA estimates more than £100 billion is laundered through the UK or UK corporate structures each year, with the development of fintech, cryptocurrency, and AI increasing related risks.

The additional personnel will support "Operation Destabilise," which targets Russian-speaking networks that convert street cash into cryptocurrency. To date, the operation has arrested 119 suspected money launderers and seized over £25 million in cash and crypto assets in less than a year. (Decrypt)