In 2015, the UK undertook a bold experiment: the creation of a public-private taskforce that would enable real-time intelligence sharing between banks and law enforcement. Ten years later, the Joint Money Laundering Intelligence Taskforce (“JMLIT”) has evolved into a global benchmark for collaborative financial intelligence.
The ten-year anniversary presents a timely opportunity to reflect on the challenges the taskforce has faced, its achievements, and its likely future.
Built on Partnership
JMLIT was launched as a 12-month pilot project by the Home Office, National Crime Agency (“NCA”), City of London Police, and major financial institutions including Barclays, Citigroup, HSBC, and Standard Chartered. [1] Quickly proving its worth, the taskforce became permanent the following year. [2]
In the decade since, JMLIT has expanded to include over 200 organizations in the banking, investment, telecommunications, payment processing, and virtual asset sectors as well as public agencies such as the Serious Fraud Office, the Financial Conduct Authority, and HM Revenue & Customs. [3]
JMLIT’s structure has also matured. In addition to its core Operations Group, the taskforce now comprises six specialist units: four Public Private Threat Groups focusing on fraud, illicit finance, tax crime and evasion, and terrorist financing; a Public Private Crypto Forum; and an International Working Group that coordinates with counterparts abroad. [4]
Impact and Innovation: What’s Worked
While reporting is limited due to the sensitivity of the work, JMLIT’s impact is evident. The NCA reports that, since 2015, JMLIT has supported over 1,200 operations; 419 arrests; £250 million in restrained or seized assets; [5] and 8,100 bank accounts closed. [6] In financial year 2024 alone, JMLIT was responsible for issuing 11 national threat alerts to the private sector. [7]
In a 2025 case study, the NCA highlighted JMLIT’s role in supporting the Ministry of Defence Police’s investigation of fraudulent contracts awarded to a UK logistics company. Intelligence shared through JMLIT uncovered 45 bank accounts and enabled the restraint of £53 million in suspected illicit funds. [8]
The taskforce has also inspired innovation. In 2024, when the NCA collaborated with seven UK banks – including Barclays, Metro Bank, and Santander – to analyze data for indicators of organized criminal activity, they generated over 90 intelligence packages, identified eight criminal networks, and strengthened the banks’ crime detection capabilities. [9]
Legislative support has grown in parallel. The Economic Crime and Corporate Transparency Act 2023 now enables regulated firms to share information – either directly or via third-party intermediaries – for the prevention, detection, and investigation of economic crime, with civil liability protections in place.
In addition to reshaping the UK’s approach to financial crime, JMLIT has inspired over 20 countries to establish similar partnerships. [10] These include member states of the European Union (The Europol Financial Intelligence Public Private Partnership), the US (FinCEN Exchange), and Singapore (AML/CFT Industry Partnership). [11] What began as a pioneering UK initiative has evolved into a blueprint for financial crime prevention.
Potential Challenges
Several potential challenges could limit the future impact of JMLIT:
- As noted by critics, large UK banks dominate JMLIT, leaving smaller financial firms and professionals such as lawyers, accountants, and trust officers underrepresented, and therefore potentially open to exploitation by criminals who are shifting illicit activity beyond JMLIT’s reach.
- JMLIT’s processes remain manual and in-person, which limits speed, scalability and accessibility, especially for smaller or geographically distant members. Without a secure digital platform, the taskforce’s current model will likely struggle to evolve with the complexity, scale, and speed of modern financial crime.
- As crypto assets become more widely used for illicit finance, relevant intelligence resides with blockchain analytics firms and crypto exchanges, many of which fall outside JMLIT’s current membership. While the 2023 launch of the Public Private Crypto Forum aimed to close this gap, its effectiveness is not yet known.
- In the past decade, the UK’s financial intelligence system has grown more complex – as shown by the 128% increase in the number of suspicious activity reports (“SARs”) submitted to the NCA’s UK Financial Intelligence Unit – 381,882 in 2015 to 872,048 in 2024. [12] JMLIT’s targeted intelligence sharing demonstrates value but also raises questions about whether it compliments or circumvents the SARs regime.
- Plagued by uncertainty regarding data privacy, civil liability, and regulatory scope, regulated firms remain cautious about sharing information – particularly across borders or between sectors.
Strengthening the Next Decade
In its second decade, the taskforce must take several steps to remain the global standard for public-private partnerships:
- Expand Membership: JMLIT should (i) sponsor regional hubs for institutions outside of London; and (ii) introduce tiered memberships to bring in smaller banks, financial professionals, blockchain analytics firms, and crypto exchanges.
- Collaborate Globally: JMLIT should expand the International Working Group to promote cross-border case support and set the global standard for public-private partnerships.
- Modernize its Infrastructure: JMLIT should invest in secure, digital platforms to promote real-time collaboration, case management, and automated risk flagging.
- Align with the SARs Regime: JMLIT should ensure that its insights support the SAR program rather than running parallel to it, perhaps through integration into the structure of a reformed UK Financial Intelligence Unit.
What began as a 12-month experiment is now a crucial tool for fighting financial crime. JMLIT has not only improved domestic enforcement but redefined how other nations and law enforcement agencies think about intelligence collaboration.
However, should current trends continue, future threats will develop faster, will be decentralized, and will be digital. Assuming JMLIT can adapt to an increasingly international stage, one where cryptocurrency plays an increasingly important role, the taskforce can remain a national asset and a global leader in detecting and preventing financial crime.
[1] https://www.gov.uk/government/news/anti-money-laundering-taskforce-unveiled
[2] https://assets.publishing.service.gov.uk/media/5a74e52440f0b65c0e8455bd/6-2118-Action_Plan_for_Anti-Money_Laundering__print_.pdf
[3] https://www.tandfonline.com/doi/full/10.1080/10439463.2024.2428735#abstract
[4] https://www.nationalcrimeagency.gov.uk/who-we-are/publications/752-sars-in-action-issue-32/file
[5] https://www.nationalcrimeagency.gov.uk/who-we-are/publications/752-sars-in-action-issue-32/file
[6] https://www.nationalcrimeagency.gov.uk/what-we-do/national-economic-crime-centre
[7] https://www.nationalcrimeagency.gov.uk/who-we-are/publications/730-national-economic-crime-centre-annual-report-2023-2024/file
[8] https://www.nationalcrimeagency.gov.uk/who-we-are/publications/752-sars-in-action-issue-32/file
[9] https://www.globalgovernmentfintech.com/uk-public-private-partnership-tackles-criminality-using-banking-data/
[10] https://www.nationalcrimeagency.gov.uk/who-we-are/publications/752-sars-in-action-issue-32/file
[11] https://www.future-fis.com/uploads/3/7/9/4/3794525/five_years_of_growth_of_public-private_partnerships_to_fight_financial_crime_-_18_aug_2021.pdf
[12] https://www.nationalcrimeagency.gov.uk/who-we-are/publications/2-sars-annual-report-2015/file; https://www.nationalcrimeagency.gov.uk/who-we-are/publications/746-sars-annual-report-annexes-2024/file
