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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.

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