How to stem the flood of economic crime affecting the UK economy?
In this latest opinion piece for the Association of Certified Fraud Examiners (ACFE), our Head of Investigations Tony McClements analyses a new move reported to involve several major British banks.
High street brands including Lloyds Bank and NatWest have apparently been in advanced talks with law enforcement and government agencies over plans to systematically share intelligence on major financial crimes (such as money laundering and terrorism financing).
“The agreement in the offing between the banks, including Lloyds and NatWest, will create protocols and systems for sharing information should be broadly welcomed.”
“The banks will benefit from being able to discuss developing situations. Law enforcement will benefit from enhanced intelligence. And the SARs system will potentially benefit too.”
Tony McClements is Head of Investigations at Martin Kenney & Co (MKS), and a guest lecturer in Fraud and Financial Investigation at the School of Justice at the University of Central Lancashire. He is a 33-year veteran police detective investigating serious & organised crime, specialising in the investigation of fraud since 1998.