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UK banks hit back after COVID fraud debacle; One banker says it is ‘beyond words’ and warns he has ‘every meeting minuted’ to protect himself

By Elizabeth Hearst for AMLi

UK banks are concerned their reputation could be dealt a blow, following revelations made this week that the UK handed out billions to fraudsters in state-backed COVID business loans. 

Earlier this week, the UK Minister responsible for counter fraud at the Treasury and Cabinet office dramatically resigned after it emerged that the UK government was planning to write off over £4BN in COVID fraud. 

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