Seven banks share data with UK law enforcement in 'dirty money' crackdown

26/7/2024 16:48

        Barclays, NatWest and Lloyds are among seven banks to share customer data with the National Crime Agency (NCA) in the largest project of its kind worldwide to tackle criminal gangs, money laundering and "dirty money" flowing through the country.
        
        Reuters revealed one year ago that more than six banks, including NatWest and Lloyds, were part of trials with law enforcement and government agencies that involved sharing intelligence on client accounts which raised concerns about economic crime that posed a threat to Britain.
        
        The NCA, a top investigator, says the project went live in May, included voluntary data sharing deals with Santander , TSB, Metro Bank and Starling Bank, and had already identified eight new crime networks that might be exploiting the financial system.
        
        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".