16 Jan 2019
Britain’s existing financial crime taskforce initiatives, formed with the banking sector, will not be replaced by the creation of a new economic crime taskforce announced on Monday.
Rather, they will have different roles and feed into the new project as part of joint efforts to combat economic crime.
The existing taskforces include the Joint Money Laundering Intelligence Taskforce (JMLIT) and Joint Fraud Taskforce, both formed in 2016 in initiatives with the banking sector. They focus on various roles, including investigating financial crime and sharinng intelligence. JMLIT also works on seizing criminal assets.
On Monday, the United Kingdom’s Home Office unveiled a new financial crime taskforce called the Economic Crime Strategic Board.
Like the existing taskforces, the Economic Crime Strategic Board will include government officials working closely with the banking sector to crack down on financial crime.
Its board includes chief executives from Barclays, Lloyds and Santander as well as senior representatives from UK Finance.
While JMLIT and the Joint Fraud Taskforce focus on specific crimes, the Economic Crime Strategic Board will have a broader remit.
In addition, whereas the older taskforces work with the private sector on an operational or day-to-day level, the new Economic Crime Strategic Board will comprise of ministers and focus on aspects such as decision-making.
It is understood that JMLIT and the Joint Fraud Taskforce will feed into the Economic Crime Strategic Board.
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet