Financial fraud and crime are also on the rise.

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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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President Hollande also announced that he was creating a new agency to fight financial fraud, and appointing a special prosecutor to deal with financial crime.

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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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Whistleblowers are reporting that accounting and disclosure fraud is still occurring and probably happening more than any other financial crime.

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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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