Fraud
City of London Police Economic Crime Unit
Additional Government funding has been allocated from 2008 to enable the City of London Police to expand it economic crime department and take on a lead force role for fraud investigation with a national remit to investigate serious and organised fraud. In addition the force is establishing a Centre of Excellence which will provide a contacts library, best practice information and training information for other forces investigating fraud to access.
This is in addition to funding that City has received since April 2004 to take the lead in investigating complex fraud cases in London and the South East. The additional investment of £2 million has been provided by the Home Office and the Corporation of London. This was backed in the first year by further support from the Home Office to fund the capital costs of the expansion. The funding is not time limited. The Home Office and the Corporation of London each agreed to provide £1m each in the first year, index linked (to the annual increase in the Home Office provision for police funding) for future years. Funding for 2009/10 is just over £1.18m from each.
City of London Police operate within London's 'square mile' and have built up a wealth of expertise in investigating complex fraud cases. That expertise and experience is now being used to uncover and prosecute serious fraud wherever it occurs accross the country - not just the City. This is a significant increase in the resources and expertise dedicated to fighting fraud. The City's expanded Economic Crime Basic Command Unit provide police resources for a large proportion of Serious Fraud Office (SFO) cases. City Police also assist other forces by investigating complex fraud cases that fall outside SFO criteria.
Following the Government Review of Fraud which reported in 2006 the Home Office has been working with the City of London Police to establish a National Fraud Intelligence Bureau (NFIB). The NFIB will take reports of confirmed fraud from a number of sources including other forces and private sector bodies which means that for the first time information on fraud across sectors will be analysed to demonstrate linked incidences of criminality which may lead to targetted enforcement activity. The NFIB is under development and will be fully operational by June 2010.
The City of London Police also coordinates Operation Archway, the national intelligence reporting system for boiler room fraud where victims are cold called by fake stockbrokers.
Last update: Monday, March 08, 2010