UK Home Office publishes outcomes progress report for Economic Crime Plan 2

The UK Home Office has published a progress report on the outcomes framework of the 2023 Economic Crime Plan 2 (ECP2). The ECP2 set out strategic objectives to reduce economic crime, safeguard national security and promote legitimate economic growth in the UK. The progress report sets out insights gathered to date under the ECP2, including: a 36% increase in prosecutions and 7% increase in convictions for money laundering offences in 2024; indications that Suspicious Activity Reports are having a positive effect on asset recovery; and evidence of improved transparency in company ownership, with 32,000 entities having registered on the Companies House Register of Overseas Entities as of 31 March. The report acknowledges a comprehensive assessment of progress towards ECP2 outcomes is constrained by data limitations, with steps being taken to address these data gaps, including through HM Treasury's Effectiveness Framework and the Home Office's Economic Crime Survey 2024. The Home Office plans to publish a further update to the progress report in 2027.

To support evidence-building, the UK government is also encouraging input from academics and researchers by publishing, on the same day, a joint document with the National Economic Crime Centre titled Areas of Research Interest for Economic Crime, outlining key areas for further research over the next three years. In parallel, Companies House and the Department for Business and Trade are also undertaking monitoring, research and evaluation to understand the impact of the Economic Crime and Corporate Transparency Act 2023, as it is being implemented. Findings, which will help to understand whether it has met policy objectives, are expected by 2028.

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