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Lloyds and Barclays bosses to help lead new money laundering taskforce

Top banking executives from the likes of Lloyds, Barclays and Santander will sit on a new taskforce to help tackle fraud, corruption and dirty money under plans revealed by the government today.

Reuters reports that an Economic Crime Strategic Board, focused on offences such as bribery and money laundering, has been set up under the joint chairmanship of chancellor Philip Hammond and home secretary Sajid Javid.

A Treasury statement estimates that around £14.4bn is being lost to economic crime each year, while the National Crime Agency is also seeing an increase in the volume of suspicious activity reports that it receives.

The government set up a new national economic crime centre within the National Crime Agency in 2017 to help focus intelligence on fraud and corruption.

Javid says: “We need to take action on all fronts to target the corrupt fraudsters who are lining their pockets with dirty money and living luxury lifestyles at the expense of law-abiding citizens.”

Members of the legal, accountancy and property sectors will round off the taskforce, which meets for the first time today, where Javid will nail down a commitment to spend £3.5m bolstering the suspicious activity reports regime.



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There is one comment at the moment, we would love to hear your opinion too.

  1. This is excellent news. All the sectors responsible for the problem are being represented so, assuming the members of the task force all act with integrity and openness, rather than trying to protect their lucrative part in the criminal activity, the problem should be cleared up in no time.

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