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Advisers raise concerns over govt's economic crime plan

To bolster law enforcement capabilities, the government has committed more than a £48m of additional funding for 2019-20, which will go towards the National Crime Agency’s investigative and fraud-tackling capabilities.

The National Economic Crime Centre, which is set to be the national authority for the UK’s response to economic crime, will also benefit from this additional funding.

The overhaul also includes a revamp of the regime to report suspicious transactions and the recovery of ill-gotten gains, as these are "cornerstones" of the response to crime and "must work better" to produce operational effectiveness, according to the government.

Economic crime is estimated to cost the UK about £37bn each year and now affects one in 15 people.

In the foreword of the report, Mr Javid and Mr Hammond said: "We are resolute in our mission to protect the security and prosperity of the UK and ensure that the UK does not become a safe-haven for illicit finance. 

"Delivering this response will ensure the UK is a world-leader in tackling economic crime."

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