The inaugural Global Fraud Summit was held in the UK from 11-12th March, and resulted in a joint communique being signed to tackle fraud.

Ministers and representatives of Australia, Canada, France, Germany, Italy, Japan, New Zealand, the Republic of Korea, Singapore, the United Kingdom, and the United States convened to discuss the increasing threat of fraud against individuals and business and the challenges it poses.

The following four-part framework for tackling fraud was agreed:

  • Build international understanding, partnerships and capabilities by develop understandings of the fraud threat, strengthening multilateral partnerships, and growing capabilities;
  • Better empowering the public by strengthening victim support, supporting victims to reclaim their money;
  • Pursue organised fraudsters acting transnationally by increasing data and intelligence sharing, strengthening enforcement activity in mutual threat areas, and increasing capability and capacity building initiatives; and
  • Preventing the reach and means of fraudsters by strengthening government and industry engagement, and encouraging global consideration of industry agreements.

The communique can be read for information on potential forthcoming global anti-fraud measures, which may impact firms’ operations.

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