Money laundering: UK launches ‘centre of excellence’ to fight financial crime
08 Nov 2018

The United Kingdom has officially launched the National Economic Crime Centre (NECC) which will see government agencies and the private sector work together to combat economic crime such as money laundering and fraud.

Based in London at the National Crime Agency’s headquarters, the NECC will house officers from HM Revenue and Customs, the City of London Police, the Serious Fraud Office, the Financial Conduct Authority, the Crown Prosecution Service and Home Office.

The new unit, which was described as an ‘innovative centre of excellence’ by Economic Crime minister Ben Wallace, will undertake various investigations – whether criminal, civil or regulatory – and use various tools, including Unexplained Wealth Orders and Account Freezing Orders to tackle illicit finance across all threat types, the NCA said.

Wallace said: “There is a realistic possibility that the scale of money laundering impacting on the UK annually is at least in the tens of billions of pounds. This has a corrosive effect on our reputation and our communities.

“We will draw on all the powers, tools and expertise the UK has to offer to combat this and the NECC is a key element of this approach, as set out in our newly updated Serious and Organised Crime Strategy.

“This innovative centre of excellence will bring the full force of government, law enforcement, civil society, regulators and the private sector to bear against those engaged in economic crime.”

Read more:

UK football clubs in live money laundering investigations

London police seize jewels in first unexplained wealth order case

London Analysis: Bank ordered to disclose suspicious activity reports to customer

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