Government launches new National Economic Crime Centre

It is estimated that the impact of money laundering in the UK economy is likely to exceed £90bn a year.
In order to tackle this rising problem, the government has launched a new partnership to fight economic crime across the UK.

National Economic Crime Centre

In December 2017, the government announced this new initiative as the creation of the new National Economic Crime Centre (NECC).

Situated within the National Crime Agency, the NECC represents a major reboot of the government’s anti-fraud strategy[i].

The aim of the new NECC is to protect both individuals and the nation against economic crime by bringing together law enforcement officials and partners from the government and private sector.

This integrated approach seeks to prioritise investigations to maximise the impact of prosecutions.

The new centre opened in October 2019 and has a six-figure budget, funding 55 staff. The aim of the NECC – which has the power to direct investigations undertaken by the Serious Fraud Office (SFO) – is to enable the SFO to undertake more serious fraud investigations.

“The NECC is part of a new, whole-system approach which will significantly improve the UK’s response to serious and organised crime[ii],” says Lynne Owens, director at the National Crime Agency.

At Tenet, we are dedicated to reducing the impact of fraud on its victims through better education and cost-effective pursuit of claims.

We welcome the government’s new integrated approach in tackling serious fraud and economic crime in the hope that it will increase reports of fraudulent conduct and ultimately lead to fewer instances of fraud.

[i] https://www.ft.com/content/82aa848e-af7b-11e8-8d14-6f049d06439c

[ii] http://www.nationalcrimeagency.gov.uk/news/1501-national-economic-crime-centre-launched

View More Articles

Beyond the ‘red flags’ – The Alternative Fraud Triangle

View article

Tenet Compliance & Litigation’s Arun Chauhan poses an alternative to the original fraud triangle as brought to the fore by Edwin Sutherland and Donald Cressey.
Article

Fraud unravels all…?

View article

In the recent case, Takhar v Gracefield Developments Ltd (2019), the Supreme Court sought to balance two conflicting principles of legal policy – that fraud unravels all and that there must be a finality to litigation. The resulting judgement will be welcomed by all unwitting victims of fraud.
Article

How a poor company culture can foster employee fraud

View article

Your company culture underpins everything you do – it’s your ‘DNA’ – it’s what makes you unique. This influences how your team and customers view your business.
Article

We are here
to listen and help…

Call us at 0121 796 4020
Email us at info@tenetlaw.co.uk

Not ready,
to get in touch?

Find out what makes us different
from most law firm's... Read more

fraud-advisery-panel-member
Tenet Compliance & Litigation Limited. Registered Office, 10th Floor, Lyndon House, 62 Hagley Road, Birmingham, B16 8PE. Registered in England and Wales. Registered No: 09776405. Authorised and regulated by the Solicitors Regulation Authority. SRA Identification No. 626562.
Copyright © Tenet Law. All Rights Reserved.
Created by Gritt & Co