Britain launches task force to tackle dirty money

Published:Monday, January 14, 2019
AMAZFIT Verge Smart Watch Xiaomi Ecosysterm Product - Chinese Version from Gearbest
AMAZFIT Verge Smart Watch Xiaomi Ecosysterm Product - Chinese Version only $145.99 with coupon "ALWA2Z7H2A"
ID115 Plus 0.96 inch Smart Bracelet from Gearbest
ID115 Plus 0.96 inch Smart Bracelet only $7.99
Screen Protector Film from Gearbest
Screen Protector Film only $0.99
Aqara Smart Motion Sensor International Edition from Gearbest
Aqara Smart Motion Sensor International Edition only $11.99
0.1mm TPU Nano Protective Film for Xiaomi Mi Band 3 3PCS from Gearbest
0.1mm TPU Nano Protective Film for Xiaomi Mi Band 3 3PCS only $1.99
5PCS TPU Screen Protector Films for Xiaomi Mi Band 3 from Gearbest
5PCS TPU Screen Protector Films for Xiaomi Mi Band 3 only $1.89
Rubber Watch Band Strap from Gearbest
Rubber Watch Band Strap only $0.63
TPU Screen Protective Film 2pcs from Gearbest
TPU Screen Protective Film 2pcs only $1.19



britain-launches-task-force-to-tackle-dirty-money

LONDON (Reuters) - Britain will work with the financial industry to crack down on fraud, corruption and dirty money by launching a task force that will include senior banking figures, the finance ministry said on Monday.

FILE PHOTO - Britain's Chancellor fo the Exchequer, Philip Hammond, arrives in Downing Street, in central London, Britain December 6, 2018. REUTERS/ Toby Melville

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.

An estimated 14.4 billion pounds ($18.50 billion) worth of economic crime is committed every year, a Treasury statement said.

Britain has already introduced Unexplained Wealth Orders to combat the proceeds of suspected corruption by freezing and seizing them.

The first target of these powers was made public last year when they were used against the wife of a jailed Azeri banker who spent more than 16 million pounds ($20.5 million) at London’s luxury department store Harrods.

The National Crime Agency received a record number of suspicious activity reports (SARs) in 2017-2018, registering a 10 percent increase on the previous year.

Officials say they are focused on cracking down in particular on money from Russia, Nigeria, former Soviet states and Asia.

“The UK is leading the world in the fight against illicit finance,” Hammond said. “We know more can be done.”

($1 = 0.7783 pounds)

Reporting by Alistair Smout; Editing by Helen Popper

Leave your comment