Government Crackdown on Financial Crime
11th December 2017.
Billions of pounds have been laundered through the City of London, despite Britain remaining one of the safest and cleanest places in the world to do business, the home secretary has said.
Home secretary, Amber Rudd, has announced plans for a new national economic crime centre, with the power to investigate the worst cases of fraud, money laundering and corruption.
This new anti-corruption strategy targets “corrupt insiders” in sectors including policing, prisons and border force, and pledges greater transparency over who owns and controls businesses.
The latest official figures suggest that £90 billion a year is laundered each year in Britain, including money from large-scale drug dealing and people trafficking. It is also estimated that fraud costs a further £6.8 billion a year.
The home secretary has reassured consumers that the Government is intent on reducing crime and laundering within the capital, insisting the country should expect only the “highest standards of integrity”.
The government’s revised strategy sets out six priorities, including: reducing the insider threat in high-risk domestic sectors; strengthening Britain as a financial centre; reducing corruption in public procurement and grants; and improving the business environment globally.
To secure our future prosperity and future trade relationships after Brexit, we must do all that we can to make sure that Britain remains one of the safest and cleanest places in the world to do business,” said Rudd.
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