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New U.K. government taskforce to tackle economic crime

Jaclyn Jaeger | January 16, 2019

The Home Secretary and Chancellor will jointly chair a new government taskforce to work with senior figures from the U.K. financial sector to tackle economic crime, the U.K. government announced on 14 January.

The scale of this type of crime—including fraud, bribery, corruption, and money laundering—is estimated to be at least £14.4 billion (U.S. $18.5 billion) per year. The new Economic Crime Strategic Board will meet twice a year, set priorities, direct resources, and scrutinise performance against the economic crime threat, which is set out in the Serious and Organised Crime (SOC) Strategy.

The board includes chief executives from the banking institutions Barclays, Lloyds, and Santander, as well as senior representatives from U.K. Finance, the National Crime Agency (NCA) and the Solicitors Regulation Authority, Accountants Affinity Group, and National Association...

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