Improving the UK’s response to economic crime
The NECC will coordinate and task the UK’s response to economic crime, harnessing intelligence and capabilities from across the public and private sectors to tackle economic crime in the most effective way.
It will jointly identify and prioritise the most appropriate type of investigations, whether criminal, civil or regulatory to ensure maximum impact. It will seek to maximise new powers, for example Unexplained Wealth Orders and Account Freezing Orders, across all agencies to tackle the illicit finance that funds and enables all forms of serious and organised crime.
The NECC will ensure that criminals defrauding British citizens, attacking UK industry and abusing UK financial services are effectively pursued; that the UK’s industries and government agencies know how to prevent economic crime; and that the UK’s citizens are better protected.
Agencies involved in the NECC
The NECC launched on 31 October 2018 with officers or representatives from the agencies below.
As the NECC evolves throughout 2019 and beyond it will build wider partnerships across the public sector, with regulators and the private sector, particularly with those businesses at risk from economic crime.
Joint Money Laundering Intelligence Taskforce
The NECC includes the well established Joint Money Laundering Intelligence Taskforce (JMLIT). JMLIT is a partnership between law enforcement and the financial sector to exchange and analyse information relating to money laundering and wider economic threats.
The taskforce consists of:
- over 40 financial institutions
- the Financial Conduct Authority
- five law-enforcement agencies: the NCA, HMRC, the SFO, the City of London Police, and the Metropolitan Police Service.
JMLIT is an innovative model for public/private information sharing that has generated very positive results since its inception in 2015, and is considered internationally to be an example of best practice.
Successes of JMLIT
Since its inception, JMLIT has supported and developed over 500 law enforcement investigations which has directly contributed to over 130 arrests and the seizure or restraint of over £11m.
Through this collaboration, JMLIT private sector members have identified over 5,000 suspect accounts linked to money laundering activity, and commenced over 3,500 of their own internal investigations, while also continuing to develop and enhance their systems and controls for mitigating the threat of financial crime.
Additionally, over 30 ‘JMLIT Alert’ reports have been shared with the wider financial industry to assist in focussing the identification and implementation of transactional monitoring system queries, in turn helping to mitigate the criminal methodologies used to exploit the UK’s financial system.