New financial crime centre launched by government

12 Dec 2017

The government has announced plans for a new financial crime centre, which will seek to combat money laundering and ‘economic crime’.

The new National Economic Crime Centre (NECC) will help to tackle fraud and corruption, and will be governed by the National Crime Agency (NCA). Financial fraud costs the UK an average of £6.8 billion per year, according to government estimates.

The NECC and the NCA will share information to generate an understanding of the threats posed by criminals, and will develop a co-ordinated response in order to protect UK businesses and the general public.

The new crime centre will bring together representatives from the NCA, the Serious Fraud Office (SFO), the Financial Conduct Authority (FCA), HMRC and other regulatory bodies.

Commenting on the new NECC, Home Secretary Amber Rudd said: ‘We are taking action against economic crime, and by that I mean the high-level crime, the billions that have been laundered through the City of London.

‘There is a myth that there are no real victims of economic crime, but I have seen first-hand how it can ruin people’s lives. It is not a victimless crime and so it’s vital we tackle these offences that can leave innocent people destitute, cost the country billions every year, and allow gangs to profit from serious and violent crimes.’