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

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