LONDON, Jan. 14 (Xinhua) -- Britain will launch a new government taskforce to tackle economic crime, according to a joint statement published by HM Treasury and Home Office on Monday.

The new Economic Crime Strategic Board will meet twice a year to lead the fight against economic crime, including fraud, bribery, corruption and money laundering, which are estimated to cost the UK at least 14.4 billion pounds (18.5 billion U.S. dollars) per year.

The taskforce will work jointly with chief executives from Barclays, Lloyds and Santander, as well as senior public sector representatives, such as from UK Finance, the National Crime Agency (NCA), etc.

Chancellor of the Exchequer Philip Hammond said: "The UK is leading the world in the fight against illicit finance, preventing fraudsters from stealing billions from the public each year.

"We know more can be done, which is why the home secretary and I are launching the first ever cross-departmental board to prevent more people from becoming victims of economic crime," he said.

According to Hammond, Britain will strive to maintain its status as a global financial centre taking advantage of its expertise in the public and private sectors.

Home Secretary Sajid Javid said: "We need to take action on all fronts to target the corrupt fraudsters who are lining their pockets with dirty money and living luxury lifestyles at the expense of law-abiding citizens."

He said that Britain is already investing millions in the fight against economic crime, and added "but it is crucial we work closely with our financial sector partners to win this battle".