Britain launches task force to tackle money laundering

Baku. 14 January. REPORT.AZ/ Britain will work with the financial industry to crack down on fraud, corruption and dirty money by launching a task force that will include senior banking figures, Report informs citing the Deutsche Welle.

The group will be headed by Finance Minister Philip Hammond and Interior Minister Sajid Javid, and include representatives of Santander, Lloyds and Barclays banks.

“We need to take action on all fronts to target the corrupt fraudsters who are lining their pockets with dirty money and living luxury lifestyles at the expense of law-abiding citizens,” said interior minister Sajid Javid, who will jointly chair the task force with finance minister Philip Hammond.

Particular attention will be paid to the new anti-corruption structure of money from Russia, CIS countries, Nigeria and Asian countries.

An estimated 14.4 billion pounds ($18.50 billion) worth of economic crime is committed every year, a Treasury statement said.