The Royal United Services Institute (RUSI) has announced the creation of a new Centre for Financial Crime and Security Studies. The Centre will focus on the fields of financial crime, threat finance and financial intelligence.
Organised crime costs the United Kingdom no less than £24 billion per annum. Along with the impact of financial crime on the UK from both domestic and international sources, tackling threat finance is also a key security priority of the UK and international community (as illustrated by the efforts being undertaken to undermine the financial capabilities of ISIS).
In all of this work, partnership engagement between the public and private sectors can significantly enhance efforts in this field.
Commenting on the announcement, Professor Michael Clarke (RUSI’s director general) said: “The Centre is another example of RUSI being at the cutting edge of research on security issues. We add analytical value to policy studies. This new Centre will be a critical link between finance and Government and I welcome Tom Keatinge to the Institute. His experience will further strengthen our expertise on terrorism, organised crime and cyber security.”
Keatinge, who will head up the new Centre for Financial Crime and Security Studies, is a former managing director in the Financial Institutions Group and head of European public sector client coverage at JP Morgan.
Understanding of criminal threats
Donald Toon, director of the Economic Crime Command at the National Crime Agency, said: “Strong academic research can add substantially to our understanding of criminal threats and help shape an effective response from law enforcement, regulators and the private sector alike. I very much welcome this initiative from RUSI which promises to provide a focal point for research into the problems around financial crime.”
John Cusack, global head of financial crime compliance at Standard Chartered, added: “I’m delighted that RUSI has decided to establish a new Centre for Financial Crime and Security Studies. The Centre is set to provide valuable contributions and be seen as a credible partner for all in the private or public sectors who wish to advance the debate and contribute to improving the effectiveness and efficiency around financial crime solving.”
Matthew Allen, director of financial crime at the British Bankers’ Association (BBA), commented: “A key part of identifying and stopping crime networks centres on understanding how they operate. This new Centre will provide the sort of vital insight that can help target responses and close in on the criminals. The BBA looks forward to working closely with RUSI on this initiative in order to help protect customers and ensure a safe financial system.”
Much-needed research focus
Based at RUSI, the Centre will comprise a dedicated team recruited from across finance, law enforcement and academia. The formal launch takes place at an event in the New Year.
The Centre will be based within the National Security and Resilience Studies Group at RUSI.
“The Centre will bring much-needed research focus and capacity to support the work of Her Majesty’s Government, other international Governmental partners and the private sector in addressing the challenges posed by financial crime and illicit finance in all of its forms,” explained Tom Keatinge.
*RUSI is an independent Think Tank for defence and security. A unique institution founded in 1831 by the Duke of Wellington, the organisation embodies nearly two centuries of forward-thinking, free discussion and careful reflection on defence and security matters