Source · Select Committees · Treasury Committee
Recommendation 47
47
Paragraph: 204
While we acknowledge the need to ensure that the gateway for registration of cryptoasset firms...
Recommendation
While we acknowledge the need to ensure that the gateway for registration of cryptoasset firms for anti-money laundering should be a rigorous process, registration has been too slow. It needs to be speeded up, and the Government should work with the FCA to find a solution. The FCA should not extend the deadline for registration again beyond March 2022. If the FCA sees no alternative, it should write to the Committee to explain its position.
Paragraph Reference:
204
Government Response
Acknowledged
HM Government
Acknowledged
We welcome the Government’s undertaking to be accountable for spending the money raised by the Economic Crime Levy in the way in which it is intended. We recommend that the Government publishes an annual account of its spending on economic crime, including an account of how the yield from the Economic Crime Levy has been spent, and an evaluation of its effectiveness.