Money laundering: UK govt, banks in new taskforce
15 Jan 2019

The United Kingdom is set to launch a new initiative aimed at tackling financial crime such as money laundering, fraud and bribery.

The new taskforce, to be known as the Economic Crime Strategic Board, will comprise government ministers, law enforcement figures and the bosses of Barclays, Santander and Lloyds Bank. It will be co-chaired by Home Secretary Sajid Javid and Chancellor Philip Hammond.

Other members will include representatives from the legal and property sectors.

The announcement of the new group comes about two years after the UK, though its National Crime Agency, launched the Joint Anti-Money Laundering Intelligence Taskforce (JMLIT) in 2016.

The same year the government launched the Joint Fraud Taskforce, which comprised law enforcement units, banks and anti-fraud campaigners working together to tackle financial crime.

Commenting on the launch of the Economic Crime Strategic Board, Phil Hammond said: “We know more can be done which is why the Home Secretary and I are launching the first ever cross-departmental board to prevent more people from becoming victims of economic crime.”

Bob Wigley, Chair of UK Finance, said: “Banks already spend over £5 billion a year fighting economic crime, but the private sector can’t tackle it alone. That’s why the finance industry works closely with law enforcement and Government agencies to stop the threat and protect customers … it’s vital that we have the best anti-money laundering reporting system possible.”

Photo: www.solvencyiiwire.com

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