This occasional paper by Hugo Rosemont for RUSI makes for some very interesting reading and decent recommendations on how the UK's Joint Money Laundering Intelligence Taskforce (JMLIT) can learn about public-private sector cooperation from previous initiatives.
It is striking that when it comes to public-private sector cooperation in cybercrime and fraud, information sharing tends to be the primary (often only) goal. Information sharing is certainly key, but surely this should just be the foundation when it comes to tacking fraudsters who are increasingly several steps ahead in this rapidly-evolving arena. The public sector seems to be missing a trick in its reluctance to engage the private sector further, for example with the development of technology to tackle cybercrime, forensic investigations, receiverships, asset tracing and recovery activities.
To lift a quote used by Mr Rosemont in his paper from a senior director of GCHQ, Alex Dewdney:
"there's been something of a mantra in the UK that the solution to all of our problems is information sharing and public/private partnerships - that if we keep doing that then somehow it will magically cause improvement to happen. That approach by itself is not sufficient."
Over the past two years, there has been considerable focus in the UK on developing a strategic and tactical partnership between the public and private sectors in order to achieve a step-change in the country’s response to financial crime. Speaking at RUSI in June 2014, Theresa May, the then home secretary, emphasised the importance of the partnership between private sector companies and law enforcement to tackling financial crime, preventing money laundering and recovering the proceeds of crime. The result: the formation of the Financial Sector Forum and the creation of the Joint Money Laundering Intelligence Taskforce (JMLIT), a public–private partnership dedicated to collaboration in order to enhance the national response to financial crime.