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The UK Looses more than $27 Billion Report Says

According to a report ordered by The Association of Chief Police Officers, the extent of fraud in the UK, according to conservative figures, reaches $27 billion annually, with the true some closer to $39 billion. The consultants Morgan Harris Burrows LLP and Professor Michael Levi, an economic crime expert based at Cardiff University, worked on the report for over a year, by analyzing data from global reports and national surveys. They recommend an establishment of a national center for fraud control. This report, presented to Parliament, Wednesday, is the first attempt at the calculation of loss of revenue due to fraud.

``It used to be said that no one walks down the street in fear of being embezzled, well increasingly they do,`` said Mike Bowron, commissioner of the City of London Police. ``Whereas once the average Briton dreaded being burgled or having their car broken into they are now worried about identity fraud, mass marketing scams and other forms of financial crime that have a serious impact on our lives.``

According to the report, the most damage is inflicted on the public sector, $12.3 billion. The financial service sector lost nearly $2 billion, during 2005, due to fraud, while private individuals lost $5.3 billion. The Government will respond on the report Thursday, supposedly by announcing a government reform of the criminal justice system and its dealing with complex forms of fraud. Bowron said his goal is to better educate the public about the danger of fraud, thus greatly reducing the possibility of committing such crimes, as well as, improving enforcement.