A cross-departmental board will be launched — and co-chaired by Chancellor Philip Hammond and Home Secretary Sajid Javid — to crack down on fraud, corruption and dirty money, the finance ministry said today.
Estimates suggest that £14.4bn worth of illegal activity takes place within the UK’s financial sector each year.
The chief executives of Santander, Lloyds and Barclays banks will be among members of the Economic Crime Strategic Board, which will consider where further resources are needed to tackle offences such as bribery and money laundering.
“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,” said interior minister Sajid Javid, who will jointly chair the task force with finance minister Philip Hammond.
“The UK is leading the world in the fight against illicit finance,” Hammond ad
ded: “We know more can be done.”