A new economic crime taskforce to combat fraud, bribery, money laundering and corruption has been launched by the government. It is estimated that economic crime costs the UK at least £14.4 billion per year.
The new Economic Crime Strategic Board will be jointly chaired by Chancellor, Philip Hammond, and Home Secretary, Sajid Javid. Included on the Board are chief executives from the UK’s largest banking institutions, as well as senior representatives from UK Finance, the National Crime Agency, and the Solicitors Regulation Authority, Accountants Affinity Group and National Association of Estate Agents.
The taskforce intends to meet twice a year to set priorities, direct responses and scrutinise performance against the threat of economic crime which is set out in the Serious and Organised Crime (SOC) Strategy.
Commenting on the new government taskforce, the Chancellor said: “The UK is leading the world in the fight against illicit finance, preventing fraudsters from stealing billions from the public each year. By bring together specialists across the public and private sector, we can use the best of our expertise to maintain our status as a global financial centre.”
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