The City of London Police, the national policing lead force for countering fraud, has signed a partnership agreement with the Lloyds Banking Group which will see the latter invest £1.5 million in unique policing initiatives designed to tackle economic crime.
The money will be allocated to several projects over a three-year period, with the goal being to strengthen the UK’s financial capabilities to detect criminals and protect members of the public and businesses alike. For example, the partnership will deliver cross-training of financial investigators with the intention of sharing Best Practice and expertise across both organisations. This will enhance capability in the detection, prevention and awareness of economic crime.
In addition, a programme of secondments and exchanges between the City of London Police and the Lloyds Banking Group will take place, thereby helping investigators and analysts to better understand criminal methodologies and banking practices and how this affects law enforcement.
During the three-year period, an economic crime panel of experts will be established, which will allow for a group of volunteer specialist economic crime advisors to come together and share expertise and Best Practice.
Alistair Sutherland, the City of London Police’s assistant commissioner, said: “Developing partnerships to tackle fraud is a cornerstone of our overall approach. This is a fantastic opportunity to work closely with a highly regarded, international private sector partner and to share our expertise and knowledge. We want to do everything we can in order to prevent economic crime from ruining lives and businesses. This sponsorship agreement will help us with that aim.”
Brian Dilley, Lloyds Banking Group’s director of fraud and financial crime prevention, stated: “This is an important partnership with the City of London Police and part of Lloyds Banking Group’s commitment and priority of keeping our customers’ money safe. By working collaboratively under a public-private partnership, Lloyds Banking Group and the City of London Police will be more effective in reducing the harm caused to our communities by criminals.”