FIN.

Treasury Committee seeks economic crime answers

The Treasury Committee has written to BEIS, FCA, HMRC and the Minister for Security seeking answer to a number of questions in the light of the release of the FinCEN papers.  Mel Stride’s letter asks:

  • what needs to be done to better protect the financial system from economic crime?
  • what are the UK law enforcement agencies doing in the light of the papers/
  • will the release of the papers impact on SARs?
  • how robust to potential leaks is the UK system?
  • is it concerning that the UK has been called a “higher-risk” jurisdiction?
  • is HMRC an effective money laundering supervisor?
  • is OPBAS confident that the professional bodies are good AML supervisors?
  • will the papers have any impact on any ongoing HMRC investigations?
  • will FCA be taking enforcement action?

Emma Radmore