Summary

Economic crime has garnered significant attention in both the media and political arenas over the last few years. This Home Office study sheds new light on relatively under-examined areas within the broad spectrum of economic crime – UK businesses’ experiences of fraud, corruption, and money laundering, as well as covering breaches of financial sanctions. The Economic Crime Survey 2024 explores the scale, response, impact and costs of these experiences, and businesses’ risk perceptions and preparedness in relation to these crime types.

Artificial intelligence (AI) “will dominate the next four to five years” of the fraud landscape, the UK’s minister with responsibility for tackling fraud has said this week at a conference in London.

Lord Hanson, who was appointed as the UK’s first minister with responsibility for tackling fraud after the Labour Party won last year’s general election in July, is overseeing the development of a new strategy to guide national efforts from 2026 to 2029. The strategy was due to be published this year but the timetable has slipped to “early January” next year.

https://www.globalgovernmentfintech.com/ai-dominate-next-four-five-years-fraud-uk-fraud-minister-lord-hanson/

Recent high-profile cyberattacks on British businesses underscore the need to elevate cybersecurity on the political agenda and prepare for rapidly escalating threats from both hostile states and criminal actors.

As countries gather in Hanoi to sign the first-ever UN binding treaty on cybercrime, the UK’s National Cyber  Security  Centre (NCSC) has issued a sobering assessment of the cyberthreats facing the country.

https://www.chathamhouse.org/2025/10/uk-must-prioritize-cybersecurity-or-be-left-dangerously-exposed

In this insight, we explore the UK’s proposed ransomware legislation and what it could mean for organisations. We look at three key proposals: a potential ban on ransom payments, a regime to prevent payments under certain conditions, and mandatory incident reporting. The article also considers how these changes could affect cyber response planning, legal risk, and business continuity.

The UK moved a step closer to introducing new ransomware payment law following the Home Office's consultation response published in July. The proposals are part of a wider approach to address cyber threats to the economy and national security, which include a pipeline of guidance from the National Cyber Security Centre (NCSC) and the Department for Science, Innovation and Technology (DSIT) (see our insight on the NCSC's Cyber Governance Code of Practice).

https://gowlingwlg.com/en-gb/insights-resources/articles/2025/cybersecurity-are-you-prepared-to-report-ransom-payments

A network of corrupt company directors has been jailed for more than 70 years after they were caught planning an elaborate multi-million-pound tax fraud during clandestine meetings.

The company at the heart of the fraud, Winnington Networks Ltd (WNL), deliberately understated how much VAT was owed to HM Revenue and Customs (HMRC) between 2011 and 2014.

https://www.mynewsdesk.com/uk/hm-revenue-customs-hmrc/pressreleases/directors-planned-ps20m-tax-fraud-at-secret-meetings-3411309

A man has been put behind bars after being involved in laundering over £5.3million in cash.

Gurmeet Handa, from Little Aston, has been jailed after a complex joint investigation led officers to uncovering a sophisticated international money laundering operation orchestrated by Handa.

https://www.westmidlands.police.uk/news/west-midlands/news/news/2025/october/jail-for-man-who-laundered-over-5million-in-cash/

What is romance fraud?

Romance fraud usually involves fraudsters creating fake online personas to gain someone’s trust and affection through the guise of a romantic relationship, with the ultimate goal of exploiting them for financial gain.

Romance fraudsters use language to manipulate, persuade and exploit. They work hard to make sure that when they ask for money, and require urgency or secrecy from the victim, it doesn’t set off alarm bells.

In addition to the financial loss and subsequent hardship, victims of romance fraud also suffer the loss of a partner and support system, and a future that they believed in. They also have to come to terms with having been manipulated and deceived in such a callous, calculated way. For almost a third of those targeted, the fraud spans more than a year – for some, many years. Due to the isolation tactics used by fraudsters, the victim’s relationships with family and friends are often damaged and they are left alone and vulnerable.

'Staying Safe from Romance Fraud' is a useful guide that highlights common tactics used in romance fraud, and offers advice on how to safeguard yourself.

https://www.actionfraud.police.uk/romance-fraud

The newly launched Business Fraud Alliance offers free, practical resources for businesses of all sizes to help strengthen their resilience against fraud.

Fraud is the most common crime in the UK and poses a serious threat to all organisations. To help businesses strengthen their defences, the Fraud Advisory Panel (FAP), in partnership with Barclays, has launched the Business Fraud Alliance campaign.

The Alliance brings together businesses, professional bodies and advisers to share knowledge, raise awareness and provide practical tools to support those at the frontline of fraud prevention and detection.

The chair of the City of London Police Authority Board has warned that fraud is “damaging the foundations of our nation” and the UK must treat it with the same urgency as street crime.

Speaking at the Police Authority Board dinner on Wednesday, City AM can reveal that Tijs Broeke told senior police, business, and political leaders that “security and prosperity are inseparable”.

“The scale of the challenge is stark. In the past year alone, UK businesses faced more than 8.5m cyber incidents. That’s around 23 thousand every single day,” he said.

https://www.cityam.com/city-of-london-police-chair-fraud-is-damaging-the-foundations-of-our-nation/

HMRC has reportedly brought its first-ever corporate prosecution under the failure to prevent the facilitation of tax evasion offence, almost eight years after the legislation was introduced in the Criminal Finances Act 2017.

Bennett Verby Ltd, a Stockport-based accountancy firm, was reportedly charged with the failure to prevent offence in connection with an alleged R&D credits repayment fraud. We understand that six individuals, including one of the firm's former directors, were also charged with offences including cheating the public revenue and money laundering. All appeared in Manchester Crown Court on 7 August 2025 but did not enter pleas, and a provisional trial date has been set, with the trial due to start on 27 September 2027.

https://www.hoganlovells.com/en/publications/hmrc-brings-first-prosecution-under-failure-to-prevent-facilitation-of-tax-evasion-laws