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Remove legal barriers preventing the sharing of data on fraud and money laundering

Greater cross-sectoral information sharing is needed to support collective efforts to identify and prevent fraud. However, at present there are a number of legislative barriers to the effective sharing of fraud intelligence data in bulk, particularly where the information is suspected as opposed to confirmed fraud.

Key areas where legislative change is needed for effective sharing of fraud intelligence between the financial sector and the public sector are:

  • Duty of Confidentiality – the ability of legislation to override the duty of confidentiality where there is legitimate interest to do so
  • Legal Basis – statements from the Information Commissioner’s Office and the Cabinet Office providing guidance and clarifying the government’s long term strategy on data sharing
  • Suspicious Activity Reports (SARs) – reassurance on legal liabilities and statutory immunity from civil liability for those producing SARs
  • Statutory Gateways – provision of enhanced legal gateways and extension of provisions within existing legislation /regulation
  • EU Legislative Framework – recognition of the current proposals at a European level with a view to ensuring that the text enables the retention and sharing of data where there is a legitimate interest (e.g. fraud prevention)

The British Bankers Association are have made similar calls on government to share fraud data and are working with Financial Fraud Action UK on measures to tackle money-laundering.

For more a more detailed briefing on this proposal please call 020 3217 8200 or email us at contactus@ukcards.org.uk.

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