#London #United Kingdom #Economic Crime #Enveil #Global Counsel

New Insights on Combating Economic Crime: Recommendations for Action

A new report released by Global Counsel, in collaboration with Enveil, offers crucial insights into the ongoing struggle against economic crime, which has a staggering global impact of approximately $3.1 trillion annually. In the UK alone, this challenge costs the economy around £8.5 billion each year. The report sheds light on the obstacles faced in combating this pervasive issue and outlines recommendations for improvement, emphasizing the necessity for collective action among stakeholders.

Understanding the Challenge

The report titled "Breaking Barriers: How Data Sharing Can Transform the Fight Against Economic Crime" delves into the critical role that data and intelligence sharing play in combating economic crime. The findings are the result of extensive research, including interviews with senior stakeholders involved in economic crime detection and prevention within the UK.

Key Findings

The research identifies a broad consensus on the need to enhance fraud mitigation efforts, creating an unfriendly environment for criminals. The present landscape of economic crime necessitates bold and immediate action from both policymakers and industry leaders. Ellison Anne Williams, CEO of Enveil, emphasized the urgency of this situation by stating, "The lack of a clear, collective focus on economic crime prevention policy and practices by stakeholders across this space was the primary driver for undertaking this research effort."

Identified Obstacles

The report outlines four main barriers hindering effective data and intelligence sharing:
1. Lack of Clear Incentives:
Firms express a strong desire to contribute to the fight against economic crime, but they require legislative clarity to facilitate the process.
2. Legal Ambiguity:
Unclear definitions surrounding terms such as ‘economic crime’ create hurdles for firms attempting to navigate potential legal risks.
3. Slow Adoption of New Technologies:
While criminals quickly adapt to technological changes, companies often lag in embracing innovative methods, especially Privacy Enhancing Technologies (PETs).
4. Fragmented Data-Sharing Environment:
Significant inconsistencies in governance and data requirements across sectors lead to discrepancies that hamper effective collaboration.

Recommendations for Progress

To tackle these challenges, the report presents several actionable recommendations specifically for the UK:

• - Operating Pilots: The Financial Conduct Authority (FCA), along with the Information Commissioner's Office (ICO) and the National Economic Crime Centre (NECC), should conduct operational pilots to explore new technologies, including PETs. Involving both public and private sectors can foster a greater understanding of how technology can aid in the prevention of economic crime.
• - Mandated Information Sharing: The government is advised to move beyond voluntary agreements and enforce mandatory information sharing within the financial services sector.
• - Standardized Lexicon: Regulatory bodies, including the ICO, should be empowered to create a uniform terminology for data and intelligence sharing within the UK.

Conclusion

The current climate of economic crime calls for a robust, unified approach from all stakeholders. A sustainable and immediate solution lies at the intersection of progressive policy, cutting-edge technology, and the commitment to collaborative action. By fostering effective cross-sector partnerships and embracing new technological capabilities, organizations can enhance their ability to combat economic crimes more efficiently.

For additional insights and details about the research methodology, please refer to Enveil's official website and explore the full report for a deeper understanding of the emerging trends in this critical area.

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About Enveil:
Enveil is a trailblazing Privacy Enhancing Technology company focused on protecting data in use. Their transformative solutions enable organizations to unlock the value of their data while ensuring its security and privacy.

About Global Counsel:
Global Counsel provides strategic advisory services across numerous sectors, assisting companies and investors to navigate the complexities of politics, regulation, and public policy effectively.