That's because the coalition government's programme for government contains a commitment to create "a single agency to take on the work of tackling serious economic crime done by the Serious Fraud Office, the Financial Services Authority and the Office of Fair Trading".

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The Feds going soft on financial crime makes absolutely no sense, if you take into account the big business of financial fraud over the past 12 years.

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Cafod, the overseas development agency of the Catholic Church, said: "it cannot make sense to weaken the fight against financial crime by absorbing fraud investigation in the National Crime Agency, where it will inevitably be treated as that Agency's lower priority".

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