To ask Her Majesty's Government what plans they have to provide a breakdown of how the additional funding allocated to the Home Office in the Spending Review for fighting economic crime will be spent.
Answered on
21 February 2022
In total, the SR21 settlement and the Economic Crime Levy represent an overall package of circa £400 million to tackle economic crime over the next three years, including support for the National Economic Crime Centre (NECC) and law enforcement.
This investment will allow us to: continue to deliver our in-flight Suspicious Activity Reporting and Illicit Finance programmes, as well as investing in new fraud and anti-money laundering capabilities. For fraud, we will invest in the law enforcement response, work with industry to remove the vulnerabilities that fraudsters exploit online, and replace the current Action Fraud system with a new Fraud and Cyber Reporting and Analysis Service (with specific allocations subject to internal departmental allocations processes which are still ongoing).