The government has introduced a series of measures to boost the abilities of law enforcement agencies to tackle the most serious cases of economic crime.

The Home Secretary Amber Rudd has announced plans to help put a stop to criminal gangs exploiting the vulnerable and profiting from fraud, money laundering and corruption.

She announced a package of measures – including new laws and an enhanced operational response – to crack down on money laundering.

Fraud, the most common offence in the UK, is estimated to cost every household £255 a year.

The new national economic crime centre within the National Crime Agency (NCA) will task and coordinate the national response to economic crime, backed by greater intelligence and analytical capabilities.

This approach will draw on expertise from across government, law enforcement and criminal justice agencies, as well as new resources provided by the private sector.

New legislation will also be rolled out to improve the coordination of the law enforcement response, allowing the NCA to directly task the Serious Fraud Office (SFO) to investigate the worst offenders.

The SFO will continue to act as an independent organisation, supporting the multi-agency response led by the NCA.

The Home Secretary will personally chair a new economic crime strategic board to drive action.

Relevant ministers from across government will assemble to draw up strategic priorities and to ensure the right resources are allocated across law enforcement agencies.

The Home Secretary said: “There is a myth that there are no real victims of economic crime, but I have seen first-hand how it can ruin people’s lives.

“It is not a victimless crime and so it’s vital we tackle these offences that can leave innocent people destitute, cost the country billions every year, and allow gangs to profit from serious and violent crimes.

“The measures we have announced today (11) will significantly improve our ability to tackle the most serious cases of economic crime by ensuring our agencies have the tools and investment they need to investigate, prosecute and confiscate criminal assets.

“Rest assured we will pursue all those seeking to move, use and hide the proceeds of crime.”

In addition, the government has published its anti-corruption strategy which sets out its anti-corruption priorities, both domestic and international, and establishes long-term framework for tackling corruption up to 2022.

To compliment this, the Prime Minister has announced the appointment of John Penrose MP as the new anti-corruption champion.

Mr Penrose will be responsible for challenging and supporting the government in implementing the strategy, as well as promoting the UK’s response to corruption both domestically and internationally.

Anti-corruption champion, John Penrose MP said: “Corruption destabilises governments and economies, taking money away from developing nations to support the luxury lifestyles of ruthless criminals.

“I am thrilled to have been appointed as the government’s anti-corruption champion, and am looking forward to furthering the work that has already been done in rooting out corruption and securing the UK’s prosperity.

The cost of corruption worldwide is estimated to be more than 2 per cent of global GDP and the World Bank estimates that over $1 trillion paid in bribes each year.

Further commitments were also made to seize criminal assets.

The NCA, the police (including devolved forces), Her Majesty’s Revenue and Customs, the CPS and the Serious Fraud Office (SFO) will use the powers within the Criminal Finances Act for forfeiture of criminal money.

To provide a more targeted, intelligence-led focus on high-risk economic crime, the government will also reform the suspicious activity reports regime.

Additionally, The Law Commission will review the Proceeds of Crime Act with the aim of improving the confiscation order process and optimise enforcement.