Wed 22 Jun 2005
4:32pm (UK) Fraud 'Crime of Choice' for Terror Funding
In urging peers to give the Fraud Bill an unopposed second reading, Lord Goldsmith said: “Far from being a victimless crime, fraud is an indiscriminate crime that wreaks long term damage to UK business and wider still fraud hits the pockets of every member of the population. “In 2000 the National Economic Research Association estimated that fraud cost the UK economy over £14 billion and that means every person in the UK lost £230 because of fraud.
“Moreover that figure – which has no doubt increased since then– – does not reflect the part fraud plays in facilitating other crime types. “There are signs that fraud is becoming a crime of choice for organized crime and terrorist funding. “Reforming the law forms part of the Government’s overall strategy to combat fraud.”
The Bill, which covers England, Wales and Northern Ireland, would improve the prosecution process in the following ways: