January 14, 2019

UK government and financial sector unite in new task force to target fraud and corruption

The Economic Crime Strategic Board (ECSB), a new task force chaired by the Home Secretary and Chancellor, will set priorities, direct resources and scrutinise performance against the economic crime threat, which is set out in the Serious and Organised Crime (SOC) Strategy launched in November 2018. The ECSB is composed of CEOs of major financial institutions, representatives of government institutions such as the National Crime Agency, and organizations governing the conduct of lawyers, accountants, and estate agents.  According to the Government’s press release, the Home Secretary will use the first ESCB meeting to confirm that the Home Office will commit £3.5bn in 2019 and 2020 to support work on reforming the suspicious reports regime.  The ECSB will also oversee increased investment in the National Economic Crime Centre (NECC).

UK Government news release