The group includes law enforcement, government officials and businesses who estimate such crimes cost the UK an estimated GBP 37 billion ($46 billion) a year.
Sunday 14, July 2019
A raft of global banks including HSBC Holdings and Morgan Stanley were among those added to a UK task force that aims to set strategy for fighting financial crimes in the country, giving the industry more influence over its own regulation, reported Bloomberg.
While details were scant, the task force promised last week to improve the use of data to bust fraudsters and money launderers, reform reporting of suspicious transactions and establish a new regime for crypto assets.
Sajid Javid, the UK Home Secretary, said, “Economic crime in all its guises threatens our security and prosperity and leaves a trail of victims in its wake, we have made progress in the fight to stop criminals profiting from their offending -- but we must go further.”
While the group pledged to overhaul the approach to tackling economic crime, it won a commitment from banks to contribute GBP 6.5 million toward the effort.
HSBC and Morgan Stanley join Barclays, Lloyds Banking Group and Banco Santander on the Economic Crime Strategic Board, which first met in January.
The panel’s other new members are Royal Bank of Scotland Group, Standard Chartered and Nationwide Building Society.
A slew of high-profile frauds and incidents related to cyber-security have come to light in the UK recently. In the past three months alone, the financial regulator fined Standard Chartered for poor controls on money laundering and a Lloyds unit for failing to report a vast fraud.
The regulator also published its final report into how RBS drove many small business clients into bankruptcy.