(Bloomberg) -- British lawmakers opened an investigation into economic crime, citing estimates that more than 4 billion pounds ($5.6 billion) of property in the U.K. has been purchased with “suspicious wealth.”
The probe, announced by the House of Commons Treasury Committee on Thursday, will cover everything from money laundering and terrorist financing to the millions of frauds and scams perpetrated against individuals.
“Given the threats that face the U.K., the effectiveness of the regimes that we use to protect our financial system from misuse have never been more important,” said Nicky Morgan, the Conservative legislator who chairs the cross-party panel.
Separately, the Office for National Statistics calculates that there were 3.2 million fraud incidents in the year to September 2017.
©2018 Bloomberg L.P.