Financial crime, which encompasses money laundering, fraud, malpractice and market abuse, costs the financial services industry billions of pounds each year, so we take the detection, prevention and reporting of financial crime very seriously.

We have specific measures in place to minimise the challenge it poses to our business and customers, and remain committed to supporting government, law enforcement agencies and other international bodies, for example, the Financial Action Task Force (FATF) on money laundering.

The FATF works to counter criminal abuse of financial systems. It has established a framework of recommendations to fight money laundering.

Our policies on anti-money laundering, fraud management and malpractice reporting have been replaced with one clear policy covering all aspects of financial crime. We also operate a network responsible for fighting financial crime across the group, and members receive regular information, guidance and training on emerging trends and issues.

Employees can contact ‘Safecall’, a 24-hour confidential reporting service, to report instances of suspected fraud. First established in the UK, the service is available via e-mail, telephone and the internet and now extends to our businesses in Europe, Asia and the USA. In 2007, 55 allegations were made across the group; 41 from the UK, 10 from India and Sri Lanka and four from our other operations worldwide. All cases were referred for independent investigation, with 46 reaching conclusion while nine remain under investigation.