The UK is about to open a new division of its National Crime Agency (NCA) to focus on all types of economic crime, including trade-based crimes that involve banks operating in Britain.

The move is a response to the City of London’s mounting reputation as a safe haven for illegal money.

Fraud under-reporting

The NCA estimates that less than 20 per cent of fraud incidents are reported to the police.

So the agency has established a new division, the National Economic Crime Centre (NECC), which will be operational from 31 October 2018.

Anti-corruption strategy

The NECC will have 55 employees initially and is seen as a key part of the government’s anti-corruption strategy.

The NCA is aiming to halt the estimated £90 billion (US$118 billion) flow of criminal money channelled illicitly through the UK annually.

Employees of the NECC are mostly experienced officials from existing agencies such as the NCA, the Serious Fraud Office, the Financial Conduct Authority as well customs and police officers.