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Treasury Committee seeks answers from Ministers, HMRC and FCA on FinCEN papers

23 September 2020

Following the recent release of the FinCEN papers, Rt Hon. Mel Stride MP, Chair of the Treasury Committee has written to Government Ministers, HMRC and the Financial Conduct Authority (FCA) to answer a series of questions, including:

  • What needs to be done to further secure the financial system from economic crime?
  • Are UK law enforcement agencies following up on the information in the FinCEN papers?
  • Will the release of the FinCEN papers impact on the submission of Suspicious Activity Reports (SARs)?
  • Is the UK system robust to potential leaks?
  • Are reports that the UK is a “higher-risk” jurisdiction a cause for concern?
  • Is HMRC an effective money laundering supervisor for those within its jurisdiction?
  • Will the release of the FinCEN papers impact any ongoing HMRC investigations?
  • Will the FCA take enforcement action?

Chair's comments 

Commenting on the correspondence, Mr Stride said:

“Some of the information coming from the release of the FinCEN papers is deeply troubling. The Treasury Committee wants to know whether Ministers, HMRC and the FCA are on top of this.

“With various roles to play in combatting economic crime, it’s vital that the appropriate parts of the system are ready to act, if required.”

Further information

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