John Cannon, managing director of Fraud & ID at TransUnion comments on the government’s announcement on the Economic Crime Plan

John Cannon, managing director of Fraud & ID at TransUnion comments on the government’s announcement on the Economic Crime Plan: “The collaborative effort and investment announced today by some of the UK’s leading banks to tackle the issue of money laundering is a welcome indication of the commitment within financial services to addressing the risks posed by this aspect of crime.

“While the scale of money laundering – estimated to cost the UK economy up to £100 billion a year – is not disputed, there hasn’t historically been one concerted strategic direction or approach to tackle it. Coming together as a rigorous, well-funded, multi-party effort is an admirable step and it’s really positive to see public and private sector uniting here. While it should not be seen as an end state or “mission complete,” it’s what the UK needs as a hub of global financial activity and the home of many of the world’s global banking institutions.”