Steve Smart, the executive director of enforcement and market oversight at the UK Financial Conduct Authority (FCA), stated at the Law Society Economic Crime Conference 2026 that fraud accounted for nearly half of all crime in England and Wales last year. He highlighted that estimates suggest over £100 billion is laundered through or within the UK each year, emphasizing the need for collective action to combat the escalating threat of financial crime amidst global instability and rapid technological change.