FSA unveils crime-fighting division

23 January 2007

UK banking regulator the Financial Services Authority (FSA) has established a new division that will focus specifically on financial crime.

The new Financial Crime and Intelligence Division, which has already begun operating, is responsible for assessing the risk of financial crime to consumers and banks, and ensuring that the UK's financial sector keeps ahead of these threats.

"All of us involved in the fight against financial crime have to recognize that risks in this area inevitably evolve quickly and our responses have to match them," said the FSA's chief executive John Tiner.

"This is a continuing challenge: as we react to the most recent attacks, so the criminals move onto new ways of achieving their objectives - we have to keep raising our game."

The FSA added that the new division would be working closely with law enforcement agencies and other financial regulators in its assessment and management of threats.

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