PIMFA
FINANCIAL CRIME
Financial Crime is broadly any criminal conduct relating to money or financial services, including, for example, fraud, money laundering, the misuse of information (such as insider trading), bribery and corruption, handling the proceeds of crime, financing terrorism, or cybercrime. According to the Office of National Statistics, fraud was the most common crime type between April 2022-March 2023, with an estimated 3.5 million incidents of fraud in the UK experienced by adults aged 16 and over.
The PIMFA Financial Crime Committee facilitates discussion across all significant matters of financial crime, ensuring that member firms are kept fully informed and compliant with legislative and regulatory developments and are provided with the latest intelligence, approaches and tools to combat financial crime effectively.
23rd September 2024
FCA Speech on the Frameworks for Effective Fraud Prevention Measures
The FCA has published a speech by Andrea Bowe (Director of the Specialist Directorate) outlining next steps for tackling fraud and financial crime.
The speech notes:
- The importance of partnership and the role of the FCA in helping to reduce financial crime, working collaboratively on the Economic Crime Plan and the wider Fraud Strategy.
- The fast-evolving nature of fraud typologies and the development of emerging technologies
- A 2023 fraud tech sprint to test tactical cross agency collaboration within regulatory, intelligence and law enforcement agencies.
- Working with industry, by providing more guidance on how to tackle financial crime and sharing information on threats identified.
- The Home Office Global Fraud Summit communiqué setting out an agreed global framework to tackle fraud.
- Working with international partners, including the International Organisation of Securities Commissions (IOSCO).
- That technology is transforming cross-border fraud and money-laundering detection, with cyber and identity fraud increasing in scale, sophistication and impact, as artificial intelligence (AI) becomes more widespread.
Access the full speech here.
