Maya Braine, Managing Director and Head of Financial Crime at Cosegic, attended UK Finance’s Economic Crime Congress last week — an event bringing together senior leaders from financial services, government, law enforcement, academia and industry bodies. Discussions focused on the evolving UK economic crime landscape, with fraud and data sharing emerging as the dominant themes, alongside broader trends shaping economic crime prevention in 2025–2026.
1.Fraud and UK Economic Crime: A National Priority
Fraud Minister Lord Hanson confirmed the government’s commitment to tackling fraud, which accounts for 44% of all crime in the UK. He outlined a wide-ranging programme of action, including:
- Investment in a long-awaited replacement for Action Fraud
- A new voluntary set of fraud-prevention targets for telecommunications firms
- Measures to hold tech platforms accountable for fraudulent advertising
- A pivotal role in passing the first UN resolution on fraud
- Sanctions against organised criminal groups, resulting in arrests and operational disruption
A new national fraud strategy is expected in January–February next year. Its objectives will be to:
- Disrupt criminals before they can target UK victims
- Safeguard businesses from fraud attacks
- Respond rapidly and effectively when attacks occur
A recurring message throughout the conference was that tackling fraud requires action from the whole ecosystem, not just financial institutions. With 70% of APP fraud originating on social media platforms, speakers argued that placing the burden of reimbursement and responsibility solely on the financial sector is neither sustainable nor effective. A multi-sector approach, with meaningful obligations for telcos and digital platforms, is essential.
2.Data Sharing and Public–Private Partnerships in UK Economic Crime Prevention
This year marks the 10th anniversary of the Joint Money Laundering Intelligence Taskforce (JMLIT), established in 2015 and now internationally recognised as a pioneering public–private partnership (PPP) and intelligence-sharing model.
Rachael Herbert, Director at the NCA’s National Economic Crime Centre (NECC) reflected on JMLIT’s success. Unlike some international PPP initiatives, JMLIT began with a practical, operational focus, enabling tangible early results. Originally formed of 12 major banks, it has delivered substantial outcomes in arrests, asset seizures, forfeitures, and the identification and closure of criminal accounts.
A major development in this space is last year’s launch of the Data Fusion project. Under this initiative:
- Seven UK banks provide the NCA with large-scale account datasets indicative of potential criminality.
- A joint analytic team of NCA investigators and bank SMEs works collectively to assess the data.
- The approach is proactive, allowing rapid pivoting to emerging threats.
- The model has potential to expand to other sectors.
Opportunities and challenges ahead include expanding the model to other sectors, and ensuring that smaller firms beyond the major banks can participate in and benefit from data-sharing frameworks.
3.UK Economic Crime Trends for 2025–2026
Speakers agreed that the past year has been characterised by “evolution, not revolution”. Key themes include:
AI adoption and realism in UK economic crime prevention
AI clearly continues to attract attention, and adoption across the industry has grown. Collaboration between technologists and subject matter experts is improving, but speakers expressed scepticism about rapid, transformational change; progress is expected to be incremental rather than disruptive.
Effectiveness over compliance
Regulators are increasingly focused on effectiveness, not just procedural or “tick-box” compliance, although it’s not clear how this can best be measured.
Data sharing as a persistent UK economic crime challenge
Whether discussing fraud prevention, money laundering or sanctions evasion, data sharing remains a central challenge. Enhancing legal gateways, broadening participation, and improving data quality were highlighted as ongoing priorities.
4.FCA Focus Areas in Tackling UK Economic Crime
Beth Harris, Head of Financial Crime at the FCA, described an active year for the regulator. Highlights include:
- Leading an international week of action on finfluencers
- Publishing reports on money laundering risks within capital markets and on money mules
- Tackling fraud originating from social media platforms
Looking ahead, the FCA plans to undertake proactive work on cash-based money laundering, including the use of cash through the Post Office network, which remains a persistent risk vector.
Conclusion: The Future of UK Economic Crime Prevention
The Economic Crime Congress underscored both the complexity of the UK’s economic crime landscape and the determination across sectors to address it. Fraud remains a dominant threat, but progress will depend heavily on cross-sector co-operation, data sharing at scale, and the ability to adapt gradually but effectively to emerging technologies. The next few years will test how well the UK’s pioneering PPP model can evolve to meet these growing challenges.
