BusinessCompany NewsFinancial crime suspects face arrest

Financial crime suspects face arrest

The Financial Services Authority is planning to use its powers to have those suspected of financial crimes arrested to ensure they attend enquiries.

Link: On the frontline: new FSA chief executive John Tiner

Under the 2000 Financial Services and Markets Act, the watchdog has the power to have suspects detained, though it has not made use of this yet.

But it has now reached agreement with the City of London police, who will, at the request of the FSA, detain individuals suspected of crimes in three broad areas: money laundering, fraud and criminal market abuse, the BBC Online reported.

The City of London, which has the biggest fraud squad in the UK, has welcomed the new arrangement

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