The government has launched a new economic crime taskforce, which will work to combat fraud, bribery, money laundering and corruption.
The government estimates that economic crime costs the UK ‘at least’ £14.4 billion per year. In order to tackle this type of crime, a new Economic Crime Strategic Board will be created, and will be chaired by both Chancellor Philip Hammond and the Home Secretary, Sajid Javid.
In order to set priorities, direct resources and scrutinise performance against the threat of economic crime, the Economic Crime Strategic Board intends to meet twice a year. The Board includes chief executives from the UK’s largest banking institutions, as well as representatives from trade association UK Finance and the National Crime Agency (NCA).
Commenting on the 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 bringing 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.’