Britain has ramped up efforts to tackle economic crime which costs the economy up to £350 bn a year
LONDON – Barclays, NatWest and Lloyds are among seven banks to share customer data with the National Crime Agency in the largest project of its kind worldwide to tackle criminal gangs, money laundering and " dirty money " flowing through the country.
Britain has ramped up efforts to tackle economic crime, which lawmakers say costs the economy up to around 350 billion pounds each year, after Russia's 2022 invasion of Ukraine shone a spotlight on how kleptocrats and criminals used the country as a haven to launder, hide and spend "dirty money". Singapore launched a digital customer data sharing platform known as COSMIC with six banks in April. But this does not include law enforcement, Searle said.Under the programme that is due to run until October, bank staff are seconded to the NCA to form a team of between 15 to 20 intelligence officers, data scientists and analysts to probe movement of money suggestive of criminal behaviour - and ensure legitimate customers are left alone.
"We are deeply conscious of the issues around data privacy," one senior banking executive involved in the trial said.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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