Speech by Steve Smart, joint executive director of enforcement and market oversight, at the 1LoD Financial Crime Summit.
Financial crime is still too often seen as a lesser offence. A small-scale scam here, a phishing email there. Non-violent, technical, almost victimless.After more than 30 years in national security and law enforcement, I can tell you that’s a dangerous misunderstanding.I’ve seen up close how it directly fuels some of the most serious crime: human trafficking, terrorism, hostile state activity.And financial crime doesn’t just steal money – it also steals confidence. Research by Lloyds Banking Group found that nearly 40% of fraud victims had lost confidence in online platforms.When people lose money to fraud, they understandably become more cautious. They lose trust in the system.And that has consequences, because trust is the foundation of growth.Without it, fewer people invest. Innovation slows and markets suffer. Capital doesn’t flow where it’s needed.So if we want a confident, competitive economy, tackling financial crime isn’t optional – it’s a prerequisite for growth.It’s how we keep the game clean and attract new players.
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