The organisations have launched a platform to foster data and information sharing in the fight against financial crooks.

A wealth management industry group and anti-financial crime group have launched a platform to share intelligence in the fight against money laundering, an activity that last year amounted to £193 billion ($248.5 billion) in the UK.

The arrangement has been set up by PIMFA, (Personal Investment Management and Financial Advice Association) and Financial Crime Intelligence.

Platform users can anonymously compare and match each other’s financial crime data. Where matches arise, organisations can legally go on to share intelligence directly with each other.

The initiative follows new UK legislation in the Criminal Finances Act 2017 designed to protect regulated entities when they share information on suspected money laundering.

“The levels of financial crime are truly staggering and are growing at an exponential rate,” Chris Anderson, FCI’s chief executive, said.

“By comparing and matching information, a greater body of intelligence can be created by investigators leading to improved identification, prevention and prosecutions. This leads to better protection for the public and financial institutions alike,” he added.

Richard Adler, director of strategic partnerships at PIMFA, said: “Being able to quickly identify repeat offenders to improve prosecution rates, reduce losses and provides targeted fraud prevention advice to vulnerable clients and repeat victims is an important step forward for our profession”.

The full name of the platform is Assimilated Economic Crime Intelligence System.