Committee launches new Economic Crime inquiry
23 October 2020
The Treasury Committee completed an inquiry into economic crime in the previous Parliament. It focussed on the UK’s anti-money laundering systems and sanctions implementation system, as well as the impact of economic crime from a consumer perspective.
- Letter from First Permanent Secretary, HMRC, to Chair of the Treasury Committee, 2 October 2020
- Letter from Chief Executive, Financial Conduct Authority, to Chair of the Treasury Committee, 9 October 2020
- Letter from Minister for Climate Change and Corporate
Responsibility, BEIS, to Chair of the Treasury Committee, 13 October 2020
- Letter from Minister of State for Security, Home Office, to Chair of the Treasury Committee, 19 October 2020
- Inquiry: Economic Crime
- Treasury Committee
Scope of the inquiry
The Treasury Committee is today launching a new inquiry to review what progress has been made in combatting economic crime. This inquiry will also have two strands:
- Anti-money laundering systems and the sanctions regime, including the FinCEN papers and the work of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)
- Consumers, including emerging trends as a result of coronavirus and Authorised Push Payment Fraud.
The Committee will continue to examine economic crime related to Bounce Back Loans as part of its ongoing inquiry into the economic impact of coronavirus.
Commenting on the launch of the inquiry, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, said:
“The previous Committee made a series of recommendations on the UK’s effort to combat money laundering and what can be done to prevent consumers from being victims of economic crime.
“The current Committee will now examine what progress supervisors, law enforcement and the Government has made in these areas.
“It’s important that the relevant bodies are held to account and scrutinised effectively to ensure that the UK is a clean place to do business and that consumers are protected from economic crime.”
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