A new national economic crime centre within the National Crime Agency (NCA) will task and coordinate the national response to economic crime, backed by greater intelligence and analytical capabilities, the Home Secretary Amber Rudd has announced. It will draw government, law enforcement and criminal justice agencies, as well as new resources provided by the private sector. New law will allow the NCA to task the Serious Fraud Office (SFO) (which investigates and prosecutes serious or complex fraud, bribery and corruption) to investigate the worst offenders. The SFO will continue to act as an independent organisation, supporting the multi-agency response led by the NCA.
The Home Secretary will personally chair a new economic crime strategic board to drive action. It will convene the relevant ministers from across government to agree strategic priorities and to ensure the right resources are allocated across our law enforcement agencies to tackle economic crime.
Amber Rudd, pictured, said: “There is a myth that there are no real victims of economic crime, but I have seen first-hand how it can ruin people’s lives. It is not a victimless crime and so it’s vital we tackle these offences that can leave innocent people destitute, cost the country billions every year, and allow gangs to profit from serious and violent crimes. The measures we have announced today will significantly improve our ability to tackle the most serious cases of economic crime by ensuring our agencies have the tools and investment they need to investigate, prosecute and confiscate criminal assets. Rest assured we will pursue all those seeking to move, use and hide the proceeds of crime.”
The UK Conservative Government has published its anti-corruption strategy which sets out its anti-corruption priorities, domestic and international, and establishes a framework for tackling corruption up to 2022. For the 71-page document, visit https://www.gov.uk/government/publications/uk-anti-corruption-strategy-2017-to-2022.
The Prime Minister Theresa May, herself the former Home Secretary, has appointed John Penrose, the MP for Weston super Mare, as the new anti-corruption champion. He will be responsible for challenging and supporting the Government in implementing the strategy, and promoting the UK’s response to corruption domestically and internationally.
John Penrose said: “Corruption destabilises governments and economies, taking money away from developing nations to support the luxury lifestyles of ruthless criminals. I am thrilled to have been appointed as the government’s anti-corruption champion, and am looking forward to furthering the work that has already been done in rooting out corruption and securing the UK’s prosperity.”
A new working group will be established, which will include the NCA, the police (including devolved forces), Her Majesty’s Revenue and Customs, the Crown Prosecution Service and the Serious Fraud Office (SFO) to use the powers within the Criminal Finances Act for forfeiture of criminal money. And the Law Commission will undertake a review of the law on confiscation in the Proceeds of Crime Act.
The Government has also renewed its commitment to introduce an overseas companies beneficial ownership register, being developed by the Department for Business, Energy and Industrial Strategy. That would mean that overseas companies that own or buy property in the UK, or take part in central government procurement, will have to provide details of their ultimate owners; to combat criminal use of shell companies to launder illicitly gained wealth in London property.
