Source · Select Committees · Treasury Committee
Recommendation 21
21
Paragraph: 103
The Joint Committee on the Draft Online Safety Bill concluded that self-regulation of online platforms...
Conclusion
The Joint Committee on the Draft Online Safety Bill concluded that self-regulation of online platforms had failed. It is true that there have been many failings, and it is right that action should now be taken to place more responsibility on online firms to prevent harm from fraud and other economic crimes which their platforms and services have facilitated. However, the formation of the Online Fraud Steering Group is evidence that co-operative working between the private and public sectors can help improve outcomes and compliance. A number of online companies also showed in their evidence to us that they are taking a more constructive approach to co-operation with law enforcement agencies.
Paragraph Reference:
103
Government Response
Not Addressed
HM Government
Not Addressed
The government takes the threat of economic crime extremely seriously and has developed robust processes to ensure an effective and coordinated response. This involves departments across government, regulatory and enforcement agencies, and the private sector, reflecting the wide-ranging impacts of economic crime and the need for a comprehensive response in partnership with the private sector. The broad range of stakeholders involved in the policy, supervisory and operational response to economic crime means a robust governance structure is required. The Home Office and HM Treasury lead the policy response to economic crime for government and are responsible for coordinating the public-private Economic Crime Plan.1 It is right that these two departments jointly lead the government’s response, to support system leadership that fully considers the long-term ramifications of decisions that impact both the UK’s prosperity and security. The establishment of the National Economic Crime Centre (NECC) was an important step taken by the government. Hosted in the NCA it sets and leads the threat response to economic crime, ensuring the wide range of stakeholders are focused on the agreed strategic priorities where the system, collectively, can have the most impact on the threat. The Economic Crime Plan’s delivery and effectiveness is shaped and monitored through shared, regular, ministerial governance with cross-sectoral private sector members through the Economic Crime Strategy Board. This senior forum sets the strategic priorities for the UK’s response to economic crime. Below it, a number of other coordination and information-sharing forums meet regularly to review progress and ensure coordination of priorities across government on operational and transformational policy programmes. For example, the Economic Crime Delivery Board drives forward the development of economic crime policies, assesses the implementation of key reforms and brings together key departments and agencies.