The number of fraud cases heard in the first half of the year in the British crown rinks, rose by 16% in the same period in 2023, where money was the most common type, according to KPMG.
The Middle Year Fraud Barometer report from the Consulting Giant showed that nine money laundering cases have been heard this year, worth just over £ 128 million.
The investigation, which records alleged fraud cases with a value of more than £ 100,000, showed that there were 122 of such cases during the period, an increase of 105 in 1 hour 2023.
According to the National Fraud Intelligence Bureau, four fifth of reported fraud is now Cyber-Integen.
Read more about money laundering: Final Three convicted in £ 70 million money laundering of money
The money laundering of money also has a heavy digital element, with the illegal funds that often come from cyber crime such as online scams. It is then often obscured via blockchain transactions, trade with effects and/or shell companies or offshore trusts, before being re -released in legitimate purchases -often online.
According to chain analysis, an estimated $ 22 billion in cryptocurrency was washed in 2023.
“Money laundering remains a problem in the UK because of the complexity and refinement of financial systems that can be used for illegal activities,” said KPMG partner Ray Waligora. “It will be interesting to see whether the relatively new requirement for foreign entities to be registered with the House of Companies, will lead to more of these cases reaching the courts soon.”
KPMG claimed that this year the government was the biggest victim of fraud, with 26 fraud cases heard in the courts, with a combined value of £ 193 million. That is an increase of 30% versus the same period in 2023.
A parliamentary report of September 2023 argued that the previous conservative government had slow to take action against errors and fraud in Covid Grant schemes. By May 2023, it was reportedly recovered only £ 20.9 million of an estimated £ 1.1 billion in losses.
The new Labor Government has promised to set up COVID Corruption Commissioner to return billions of kilos more pound taxpayer money that it claims to have been lost due to fraud and defective contracts.