I wouldn’t say “given up” as much as “actively delegated”. The UK has essentially made a (political) choice that rather than cover the cost of policing finance

I wouldn’t say “given up” as much as “actively delegated”. The UK has essentially made a (political) choice that rather than cover the cost of policing finance through taxes, they’ll just make the banks sort it out for them. This is not great for some people for obvious reasons. But for everyone else it’s lower taxes. Where one falls on the political spectrum largely determines how one feels about this.