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UK Officials Plan Funding Boost for New Economic Crime Partnership

By Koos Couvée

A new effort to give U.K. financial institutions broader access to financial intelligence and better feedback on suspicious activity reports will receive more funding as part of a wider drive to tackle high-end money laundering, a senior government official said Thursday. Ben Wallace, minister for security and economic crime, told a press conference in London that the National Economic Crime Center, or NECC, which is staffed by U.K officials, investigators and compliance officers from private firms, will receive a substantial amount of the planned £48 million budget increase for agencies fighting illicit financial flows. "It is vital that post-Brexit, the...

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