Economic crime plan

At the heart of this is a partnership between the government, law enforcement and the private sector to work together. UK Finance played a pivotal role in the development of this first joint public private Economic Crime Plan, setting out a comprehensive framework in where and how we will work together in detecting and deterring economic crime. Subsequently, the team is supporting much of the economic crime reform activity stemming from this, and is in discussions with the Home Office for the second iteration of the plan, expected in 2022. 

UK Finance has been working with members to drive the finance and banking sector activity in the delivery of the plan’s strategic priorities.  These include better information sharing, powers, procedures and tools to bring perpetrators to justice, alongside enhanced capabilities to understand the threats and performance metrics; tackling economic crime through an international strategy, risk-based supervision and enhanced risk management to strengthen defences against economic crime; and providing greater transparency of ownership. This will continue in the run up to the development of the second plan, with UK Finance leading industry input on areas of focus and priority asks for the 2022 version. 

UK Finance helps to represent the industry’s priorities on this work through our role on the public private Economic Crime Strategy Board, co-chairing the Public Private Steering Group overseeing the plan, and leading the Strategic Communications workstream promoting the positive work that our members are doing to tackle economic crime.