UK government says Tesco Bank thefts shake confidence in finance

Reuters News
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Posted: Nov 10, 2016 6:02 AM

LONDON (Reuters) - The theft of money from accounts of Tesco Bank undermines confidence in financial firms, Britain's interior minister Amber Rudd said on Thursday.

Rudd said the government rightly recognizes financial crime like cyber crime and money-laundering as a national security threat.

Britain cannot afford to be seen as a haven for dirty money, Rudd said.

"The recent example of Tesco Bank is a stark example of what we face," Rudd told a Financial Conduct Authority conference

"Public confidence in our institutions get shaken by these sort of events."

Rudd said she was deeply concerned by claims that London is a major global money laundering center.

"Money laundering still poses a real threat both to the UK's international reputation and integrity of our world leading financial center," she said.

(Reporting by Huw Jones; Editing by Toby Chopra)