Economic crime has risen sharply up the political agenda in recent years. Press interest in money laundering, partly fuelled by major data leaks such as the Panama Papers, has never been higher, and cases of fraud have rocketed to the point where it is the number one crime by volume. There is real pressure on government in general, and law enforcement in particular, to make a step-change in its response.
This will require government and law enforcement to work closely together, and with the private sector, to deliver effective policies and develop new capabilities. Solutions that make best use of data, technology and international collaboration.
This is where we can help. We have a breadth of expertise from analytics to fraud investigations, asset recovery to digital ID, and much more. Our work across the financial and corporate sectors, experience of creating ecosystem solutions with governments around the world, and expertise in establishing and delivering operational services make us your advisory and delivery partner for tackling economic crime.
Enforcement agencies must respond to a much faster pace of change in every arena. Rapid business and technology innovation creates new system vulnerabilities for criminals to exploit, which are identified, sold and shared on the dark web – enabling the rapid proliferation of new types of crime. This problem is particularly acute in the threat domains of both fraud and money laundering, where criminal gangs operate as highly sophisticated businesses.
Forces need to develop new capabilities to address this challenge. In particular, augmenting traditional investigations with deep and broad digital investigation capabilities, and developing strong data management and analytic functions.
These will support the disruption of criminal networks and the protection of vulnerable victims.
Deloitte has worked with forces, at both national and local level, to help drive this transformation. For example, supporting the Digital Policing Portfolio, a national initiative helping law enforcement to embrace innovation.
Illicit finance can only be effectively tackled at an ecosystem level, with public and private sectors coming together with a shared ambition and approach.
The system itself is highly diverse. Across the public sector it includes Home Office, HM Treasury, National Crime Agency, City of London Police, HMRC, DWP, Companies House, Police Forces and Local Authorities. The challenge is for the actors to come together, and then engage with the right stakeholders across the private sector, to create a common vision and jointly agree on a set of interventions.
Harnessing the power of the system means that criminals can be tackled early – as vulnerabilities in the system are “designed out” and intelligence on individuals and groups is effectively shared.
Deloitte has worked closely with Home Office and HM Treasury to convene the system, using our insight and relationships across policing, finance, telecoms and professional services. We have created a blueprint for the future of the regime, and continue to bring public and private sectors together to tackle fraud and money laundering.
Effective disruption of economic crime is challenging for a range of reasons:
- There is a huge amount of data in the system, and it is difficult to find the signal in the noise
- Organised crime groups use a multiplicity of techniques, aided by so-called ‘professional enablers’, to cover their tracks
- Some economic crimes, particularly fraud, are under-reported: Individuals and organisations alike can be too ashamed to admit to being duped
We have worked with law enforcement and the wider public sector to deliver operational performance enhancements, including:
- Providing teams of experts in forensic accountancy, open source research, data science and cyber disciplines, to support complex asset recovery investigations by law enforcement. Our support, across over 700 cases, has directly led to over 1,200 arrests.
- Establishing, and subsequently operating, the counter-fraud team for a government department, conducting over 650 investigations and supporting multi-million pound recoveries.
Forensic Risk Advisory
Asset search and identification