British Interior Minister Amber Rudd said the new initiative was part of a package of measures in response to a review of Britain’s economic crime agencies. Britain’s plan to exit the European Union in 2019 has raised fears a “bonfire of regulation” may occur in its wake and result in the City of London losing its top global financial center ranking. Strengthening the integrity of Britain as a financial center will be a top priority under the package, which also includes proposed new laws. Britain’s May in Brussels for Brexit moment of truthThe government estimates that financial fraud costs a further 6.8 billion pounds a year or over 100 pounds per person. The interior minister will chair a new economic crime strategic board to ensure the right resources are allocated across law enforcement agencies to tackle economic crime, the statement said.

Source: The Express Tribune December 11, 2017 12:11 UTC