Isle of Man: UK Issues ‘National Strategic Assessment Of Serious And Organised Crime 2014’
The National Crime Agency (the "NCA") has issued its 'National Strategic Assessment of Serious and Organised Crime 2014' (the "Assessment"). This is a 'must read' for Money Laundering Reporting Officers and their deputies, who need to:-
- demonstrate an understanding of trends for the purposes of evidencing compliance with the Money Laundering and Terrorist Financing Code 2013;
- incorporate any relevant findings into the business risk assessment; and
- update any anti-money laundering training material accordingly.
In the prelude to the Assessment, the NCA Director General states that the UK government regards serious and organised crime as one of the greatest threats to the UK's national security and he estimates that it costs the overall economy at least £24 billion each year.
The Assessment recognises that the single biggest factor which has changed the landscape for serious and organised crime, is the growth in scale and speed of internet communication technologies. According to the Assessment, cyber techniques have proliferated and are used ever more extensively by wider serious and organised crime groups to commit traditional crimes, for example by enabling criminals to communicate with each other and to trade in the tools of their crime such as drugs, firearms and stolen data. The Assessment highlights that as more and more services become online, there is an increasing risk of online attacks and fraud. It is stated that 84% of all cases of identity fraud are delivered by the internet and that an increase is anticipated in the targeted compromise of networked systems, in ransomware attacks and in distributed denial of service (DDOS) attacks against business critical systems.
The Assessment recognises that the single biggest factor which has changed the landscape for serious and organised crime, is the growth in scale and speed of internet communication technologies. According to the Assessment, cyber techniques have proliferated and are used ever more extensively by wider serious and organised crime groups to commit traditional crimes, for example by enabling criminals to communicate with each other and to trade in the tools of their crime such as drugs, firearms and stolen data. The Assessment highlights that as more and more services become online, there is an increasing risk of online attacks and fraud. It is stated that 84% of all cases of identity fraud are delivered by the internet and that an increase is anticipated in the targeted compromise of networked systems, in ransomware attacks and in distributed denial of service (DDOS) attacks against business critical systems.
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