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UK Gov't Joins Fight Against £14B Cost Of Financial Crime

Law360, London (January 14, 2019, 1:35 PM GMT) -- The government has joined forces with the financial services industry on a new taskforce to battle economic crime such as money laundering and fraud, which costs the U.K. £14.4 billion ($18.5 billion) each year, the Treasury said Monday.

The government and the financial services industry say they will crack down on financial crimes including corruption and bribery, which cost the U.K. £14.4 billion ($18.5 billion) a year. (AP) A cross-departmental board led by Chancellor Philip Hammond and Home Secretary Sajid Javid will work with senior figures across the City to crack down on financial crimes including corruption and bribery.

The new task...

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