View more on these topics

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.

Recommended

3

FSCS ups British Steel compensation offer

The Financial Services Compensation Scheme says it will change the way claims against British Steel IFA Active Wealth will be calculated for reasons of fairness. In an update today, the lifeboat fund says the change is to ensure full and fair compensation for former members of the British Steel Pension Scheme. The development follows meetings […]

1

Accounts manager admits hiding pension failures

An accounts manager lied to investigators to try to hide the fact that restaurants had not given their staff workplace pensions, the Pensions Regulator says. Bradford-based Mansoor Nasir submitted false declarations of workplace pension compliance to TPR to claim that nine restaurants were giving their employees the correct benefits. When TPR investigated it found that […]

1

Adviser trade body reshuffles board members

Adviser and wealth manager trade body Pimfa has reshuffled its top team as three board members come to the end of their terms. The departing board members are Rathbones head of client service and proposition David Howard, ex-Schroders global head of wealth management Andrew Ross, and former executive chairman of Scottish wealth manager Speirs & […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com