The UK is to crack down on the criminal use of crypto assets by incorporating such activity in the Fifth Money Laundering Directive. Set to become law by January 2020, it will establish a new crypto assets regime to respond to illicit activity. This will fall under the jurisdiction of Home, which will act as the supervisor of future anti-money laundering and counter financing of terrorism regulations. The measures are part of the recently published Economic Crime Plan, spearheaded by Chancellor Philip Hammond and the Financial Conduct Authority Secretary Sajid Javid, which aims to tackle dirty money.
The UK is to crack down on the criminal use of crypto assets by incorporating such activity in the Fifth Money Laundering Directive. Set to become law by January 2020, it will establish a new crypto assets regime to respond to illicit activity. This will fall under the jurisdiction of the Financial Conduct Authority, which will act as the supervisor of future anti-money laundering and counter financing of terrorism regulations. The measures are part of the recently published Economic Crime Plan, spearheaded by Chancellor Philip Hammond and Home Secretary Sajid Javid, which aims to tackle dirty money.