Economic crime, including fraud, money laundering, and cyber-enabled offences, pose a significant and growing threat to the UK’s national security and economic prosperity. While fraud is just one component of economic crime, it accounts for over 40% of all surveyed crime, with around one in 16 adults falling victim in the year ending June 2024. Alarmingly, over half of all crime in England and Wales involves fraud, economic, or cyber offences. Economic crime undermines the UK’s economic strength and reputation for strong institutions and the rule of law by fuelling organised criminal networks, terrorist activity, and rogue states. With up to 90% of fraud originating online, and many perpetrators operating internationally, traditional law enforcement approaches are no longer sufficient on its own. A system-wide, preventative response with international cooperation, private-public partnerships, and stronger regulatory frameworks is crucial. The Government wants to lead the world in its approach to tackling economic crime and its goals for growth rely on driving down the threat. How can sectors across the economy work with the Government to reduce and prevent financial crime to improve public trust and boost growth?

This event will:

• Discuss how the UK can develop a strategy that meets the scale of the challenge of economic crime.
• Consider how emerging technologies such as AI can provide solutions as well as risks.
• Examine how economic crime can be looked at through a national security lens as well as just financial services and economic vulnerability.