UK government unveils £550m anti-money laundering strategy

The UK government has unveiled its Anti-money laundering and asset recovery strategy 2026–2029, a £550 million-backed initiative designed to combat criminal activity and recover illicit assets. The strategy is built on three pillars: “Target, Integrate and Empower,” aiming to shift the focus from low-value “tick-box” compliance toward intelligence-led, risk-based regulation.

The government estimates that up to £100 billion is laundered through UK companies annually, with significant portions being reinvested into further crime or spent on luxury goods and real estate. The new approach seeks to concentrate resources on high-risk activities and improve information sharing across the financial system to dismantle criminal networks.

The Law Society of England and Wales has welcomed the focus on high-risk criminal activity but warned of a potential “increased burden” and duplication of work for solicitors. Law Society president Mark Evans urged the government to ensure reforms are supported by measurable outcomes and proportionate, risk-based regulation rather than simply increasing the volume of required checks.