UK Unveils Anti-Corruption Strategy Targeting Crypto & Dirty Money

Deputy Prime Minister and Justice Secretary David Lammy framed corruption as a transnational threat that “bleeds countries dry” and fuels conflicts like the war in Ukraine. The government’s response, as detailed by Security Minister Dan Jarvis, is structured around three core pillars. The first is a direct crackdown on corrupt actors and their finances. This involves enhanced police enforcement, expanded sanctions, and a significant overhaul of the UK’s anti-money-laundering and counter-terrorist financing supervisory systems. Reforms to the whistleblowing framework and measures to ensure greater ownership transparency, particularly in the property sector, are central to this effort.

The second pillar focuses on strengthening UK institutions domestically. This includes plans to raise standards in public life through a new Ethics and Integrity Commission, tighter rules on business appointments for former ministers, and improved transparency around political donations. The final pillar is international, with the UK committing to work more closely with foreign partners to build collective defences against the cross-border flow of illicit finance. “Delivering these measures will make the UK a harder target for corrupt actors and their funds, improve trust in public life, support investment, and strengthen our national security,” Jarvis stated.

The strategy explicitly names crypto-assets and the property market as key channels for modern financial crime. The National Crime Agency (NCA) has already disrupted Russian money laundering networks in the UK, seizing more than $27 million in cash and cryptocurrency. Foreign Secretary Yvette Cooper singled out cryptocurrency, stating it is “increasingly exploited by people smugglers to stash away their profits.” The scale of the problem is vast; the NCA estimates that more than $133 billion is laundered through the UK each year, while UK businesses faced 117,000 domestic bribe offers in 2024 alone, worth over $400 million.

Cooper directly linked illicit finance to both domestic and global instability. “Kleptocrats buying up property to launder their ill-gotten gains – and driving up house prices sky high as they do so,” she said. She also connected the “illicit trade in gold” to funding Russia’s invasion of Ukraine and conflict in Sudan. The strategy builds on this by targeting the methods criminals use to move wealth, promising action against the misuse of crypto-assets and laundering through the property sector.

While the strategy has been welcomed as ambitious, watchdog groups have identified shortcomings. Daniel Bruce, chief executive of Transparency International UK, called it the government’s most ambitious plan in years but warned of “critical gaps” concerning political integrity and party funding. “The UK still lacks donation caps and reduced spending limits that would provide genuine insurance against the influence of big money in politics,” Bruce noted. He also criticized the “effectively unenforced” revolving door for ministers and described Westminster as “woefully opaque” compared to international peers.

Looking outward, the UK plans to host an international summit on illicit finance in June 2026. The Foreign Office event aims to gather governments, civil society, and private-sector players like major banks to forge a global coalition. The goal is to create “new agreements to tackle modern methods for moving dirty money,” with a continued focus on property, crypto-assets, and illicit commodities. “I am kick-starting preparations for the Summit and putting the corrupt on notice: the UK is ready to shut you down,” declared Foreign Secretary Yvette Cooper, underscoring the government’s intent to lead the international response.