Latest news with #GlobalFraudSummit
The Star
28-06-2025
- Politics
- The Star
UK joins Asean talks on transnational crime for the first time
JAKARTA/KUALA LUMPUR (Bernama): The United Kingdom has for the first time participated in the Asean Senior Officials Meeting on Transnational Crime (SOMTC) through an open consultation during the forum's 25th session held in Putrajaya, Malaysia from June 23 to 27. The UK's involvement, represented by its Home Office Director of International Strategy, Engagement and Devolution Asim Hafeez, marks a significant step in its expanding partnership with Southeast Asia on regional security and law enforcement, according to a statement from the UK Mission to Asean. During the session, the UK and Vietnam jointly presented a proposal for future regional efforts to combat trafficking in persons and scam centres, which were described as causing serious harm and undermining security across the region. The engagement builds on existing UK-ASEAN cooperation, including a partnership between the UK's National Crime Agency and the ASEAN Chiefs of Police (ASEANPOL), and support for establishing an ASEAN Money Laundering Working Group in partnership with Malaysia and the UN Office on Drugs and Crime (UNODC). UK Ambassador to Asean Sarah Tiffin said the country was committed to working with Asean to tackle serious organised crime. "These crimes not only harm individuals and communities, they erode trust, fuel corruption, weaken governance, and threaten the rule of law,' she said. She said that the UK is pleased to support regional efforts against fraud and illicit finance, which are seen as drivers of organised crime and instability. The UK has pledged to back the UNODC-INTERPOL Global Fraud Summit in Vienna in March 2026 and will host an Illicit Finance Summit in London, both aimed at strengthening international cooperation and advancing global standards. Malaysia, which holds the Asean chair in 2025, also welcomed the deeper ties with the UK, particularly in efforts to strengthen financial integrity, tackle online scams, and dismantle criminal networks exploiting regional vulnerabilities. - Bernama
Yahoo
26-03-2025
- Business
- Yahoo
UK chancellor's spring statement
The UK government claims that it is pro-growth and pro-enterprise. The reality is familiar to all that have experienced past Labour governments. Taxes are rising. There is an increase in the cost of employment combined with an increase in regulatory obligations. Initial comments from the banking sector are not entirely supportive. It is claimed by many observers, that the impact of government policy will hamper business investment and hiring. There were hopes that the Chancellor would build on the FCA's commitment to tackle financial crime as a key priority in its newly unveiled five-year strategy, but disappointingly, it was left out of the Spring Statement. The UK has become the fraud capital of the world and urgent government action is crucial to reverse this alarming trend. This bold action is likely to come from the Home Office, with Fraud Minister David Hanson announcing today at the Global Anti-Scams Alliance summit that a new fraud strategy will be published later this year - this can't come soon enough. Proposals will cover data sharing, international cooperation, public awareness, victim support and evolving threats including AI. He also revealed plans for a Global Fraud Summit in early 2026, hosted in the UK by the U.N. Office on Drugs and Crime and Interpol. It's vital that the UK's fraud strategy takes a holistic approach that focuses on prevention, not just reimbursement. Banks can't be the sole line of defence; stronger collaboration across industries and law enforcement is essential to disrupt fraud at its source. Policing must also evolve to tackle digital fraud effectively and co-operate internationally to ensure that offenders are not beyond reach. A coordinated strategy leveraging cross-industry intelligence and advanced technology is crucial to stop scams before money is lost and protect individuals from the devastating emotional trauma of fraud. Given the investment planned for HMRC and the need for additional, well trained, staff there surely there is a need to protect HMRC from the planned redundancies otherwise this bodes poorly for the Government's plans to collect more tax by clamping down on evasion. To make the UK a destination for businesses to set up and grow there needs to ne an ambitious review of the tax code to address areas where tax laws and practice undermine other government policies. Proper reform and simplification of the tax code has been put in the 'too difficult' pile for too long.' To get 'people building again' we need skilled people and businesses with the money and confidence to employ them. If the 15% cut in admin spend for Government departments includes HMRC then their service is only likely to get worse than it already is when the Government needs to collect funds. Their attempts at AI have already shown that it is pretty ineffective in HMRC. The return on capital investments takes time to impact growth: Investment in public infrastructure takes many years to provide a return. Talk of growth today seemed funded by hope and rhetoric rather than substance and game-changing investment. Global uncertainty isn't a new challenge and sticking to fiscal rules fuels austerity. The OBR revised forecast from 2% to 1% is a disappointing headline number. Talking to a Kings Counsel (KC) last night, there is little or no point in going for criminal conviction for tax fraud - the burden of proof is simply too high. HMRC should just go for civil cases to allow them to collect tax where they actually find fraud; if only they could actually find the fraud in the first place. £2bn of capital expenditure a year to drive growth and productivity - but the Chancellor has missed a major opportunity to increase investment by the private sector by not increasing the maximum interest a corporate group can claim as a tax deduction every year. The current £2m threshold was imposed when the BOE base rate was 0.25% - rates are currently 4.5% - businesses who are investing in expanding their businesses and UK Infrastructure should be allowed to deduct the cost of debt funding investment of at least £10m a year. Ms Reeves's ambitions for tackling tax fraud are the type of policy which every chancellor in the last 30 years has announced. However, the reality is that it is very difficult to tackle tax fraud in a valid, coherent manner and obtain any meaningful improvement in this area without significant investment in HMRC staff and - in effect - proper pay for HMRC officials. Sadly, HMRC have previously advised that 1/3rd of their staff are on the National Minimum Wage and it should therefore be no surprise that the performance of HMRC continues to disappoint. Ms Reeves's focus on 'tearing down blockers' in planning and economic development appears to be ill-thought out. After all, the Government's planned introduction in 'day one' employment rights for all employees - which is due to come into effect shortly - is exactly the type of administrative burden on employers which actually risks increasing their burden and make the UK a less attractive location for growth. While the Government's engagement with fintech leaders last week is encouraging, the Spring Budget statement falls short of delivering the bold, decisive action needed to truly supercharge the UK fintech sector. The UK faces increasing competition from global fintech hubs, and without more targeted incentives, improved access to funding, and a more agile regulatory framework, we risk losing our competitive edge. We need more than dialogue and good intentions, we need concrete, ambitious policies that empower fintech firms to scale and innovate at pace. Markets reacted negatively when Rachel Reeves stated that the OBR had reduced its growth forecast for 2025 to 1%. Although the FTSE 100 and the FTSE 250 remain in positive territory today, they both lost ground from the start of the Spring Statement speech. The pound has remained reasonably stable, but it may be impacted by future inflation movements. If inflation does indeed average 3.2% for 2025 as predicted, it will be difficult for the Bank of England to continue cutting interest rates. This could strengthen the pound, although it would likely put the brakes on economic growth. UK-listed defence companies are showing gains this afternoon. After decades of underinvestment in defence, the UK has now followed in the footsteps of its European peers and announced a substantial increase in spending. Shares in BAE Systems have risen 28% since the start of February. The OBR's prediction about the increase in national income that will result from Labour's planning reforms was a pleasant surprise. That said, shares in some UK-listed housebuilders are in negative territory today, suggesting there is a degree of scepticism regarding these plans. With the country's balance sheet in the spotlight, it is only natural that consumers look to their own finances. During a period of economic uncertainty, especially one as prolonged as in recent years, it can be easy to let worrying about your finances get ahead of you. We find that it is always useful to focus on the things you can control, and we recommend that you start by looking at your bank account. Whether it's a local branch, the latest financial management technology, cash incentives or high savings rates, everyone has unique circumstances where different features or perks have a greater impact. This means there's no hard and fast rule for which bank you should use. We encourage consumers to take the time to think about their financial needs – which could well have changed in light of this Spring Statement – and take action to ensure their banking partner is the right fit. Remember, your switch is free and guaranteed through the Current Account Switch Service, so your money is always safe when switching. Providing incentives for all Brits to save and invest There are currently too few Brits investing, and even more may be put off it if they must complete a tax return for only modest gains. Investing is a great way to boost returns in the long term and prepare for retirement, while reducing the burden on the state in older age. With this in mind, the Chancellor not making any changes to capital gains tax, dividend and ISA allowances is a positive move. Reducing allowances would potentially discourage people from saving and investing, a harmful outcome to Brits who have already suffered under a high inflationary environment over the past few years. Supporting the health of UK PLC amid volatility Despite inheritance tax (IHT) being paid by relatively few estates, the changes brought forth in the Chancellor's Autumn Budget sparked significant backlash. Updates to business relief and agricultural relief have caused mixed reactions, with some business owners unsure whether to reinvest profits when they know an IHT liability is down the road, suggesting potential negative repercussions for UK businesses and the competitiveness of the UK market in the longer term. Any further changes to gifts and the seven-year rule would have also added complexity to the current situation, further incentivising business owners to sell up, defeating the purpose of a pro-growth policy. As such, the Chancellor's decision to refrain from making further tax changes in today's Spring Statement is a positive outcome. I'm disappointed that the UK's fraud epidemic wasn't a focus in the Chancellor's statement. Fraud now accounts for nearly 40% of all crime, yet the response remains fragmented and reactive. This week, the FCA outlined steps to disrupt financial crime, from regulatory enforcement to working with firms developing technology that strengthens fraud prevention. While it looks good on paper, we'll have to see how it is executed. We also need clarity on the government's role in all of this, without their intervention efforts will only go so far. The majority of fraud originates online, yet tech firms still face no meaningful penalties for the scams proliferating on their platforms. Meanwhile, criminals are leveraging AI to automate and scale fraud, while the government and regulators remain steps behind. Without investment in AI-driven detection, stronger legislation, and coordinated action across financial institutions, regulators, and law enforcement, the UK will continue to lose ground in the fight against fraud. The government must step up now, if it doesn't the gap between criminals and those fighting fraud will widen. The Spring Statement has reaffirmed what many businesses feared – limited fiscal flexibility and a tough economic outlook. With government borrowing hitting £10.7bn last month, Reeves is rapidly running out of a runway to support businesses. As growth feels more elusive than ever, today's statement signals that businesses must prepare for the likelihood of further tax rises. To thrive and maintain the UK's status as a global fintech leader, businesses must focus on what they can control. Informed decision-making, powered by real-time financial data, is more crucial than ever. With tighter budgets, agility and foresight will be key to spotting opportunities and remaining competitive. Implementing the right finance technology can be the difference between long-term resilience and falling victim to the consequences of economic headwinds. "UK chancellor's spring statement – banking sector reaction" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
