In the Government’s Spending Review this week, Rishi Sunak announced a commitment of £63mn to “tackle economic crime”.
In Brief:
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Last year, the government set up a special taskforce to fight economic crime.
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It involved senior figures from financial institutions like Barclays, Lloyds and Santander.
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Now, more funding has been committed to deal with issues like fraud and money laundering.
What does this mean?
Sunak’s speech, which outlined the Government’s plans to spend on protecting the UK public from Covid-19 as well as investing in economic recovery. Banks currently spend about £5bn per year in fighting economic crime so Government support is vital.
