Committees

Economic Crime inquiry

Inquiry

This inquiry will have two strands: one looking at the anti-money laundering and sanctions regime, and one considering economic crime as it affects consumers.

The anti-money laundering, counter-terrorist financing and sanctions regimes

The Committee would welcome evidence on:

  • The scale of money laundering, terrorist financing and sanctions violations in the UK, and the means by which this activity is enabled
  • The current legislative and regulatory landscape, including any weaknesses in the rules and their enforcement
  • The effectiveness of the Treasury and its associated bodies in supporting and supervising the regimes
  • The impact of the implementation of the current regimes on individuals, firms and the wider economy, including unintended consequences, such as the removal/refusal of financial services from/to individuals or firms
  • The role of financial institutions and/or professional bodies in these regimes
  • The UK’s role in international efforts to tackle money laundering and terrorist financing and implement sanctions

Consumers and economic crime

In relation to economic crime as it affects consumers, e.g. consumer fraud, the Committee would welcome evidence on:

  • The current legislative and regulatory landscape, including any weaknesses
  • The scale and nature of economic crime faced by consumers, including emerging trends
  • The response of the Treasury and its associated bodies to economic crime consumers face
  • Consumer education, responsibility and vulnerability in relation to economic crime
  • The role and effectiveness of financial institutions in combatting economic crime that consumers face
  • The potential for technology and innovation to assist those committing and combatting economic crime
  • The security of consumers’ data

Reports, special reports and government responses

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3rd Report - Economic Crime: Consumer View
Inquiry Economic Crime inquiry
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HC 246
Report
11th Special Report - Government Response to the Committee's Twenty-Eighth Report: Economic Crime - Anti-money laundering supervision and sanctions implementation
Inquiry Economic Crime inquiry
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HC 2187
Special Report
28th Report: Economic Crime - Anti-money laundering supervision and sanctions implementation
Inquiry Economic Crime inquiry
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HC 2010
Report

Correspondence

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Letter from the Economic Secretary to the Treasury, related to Committee report Economic Crime - 17 October 2019
Inquiry Economic Crime inquiry
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Correspondence
Payment Systems Regulator to Chair re Update on APP Scams
Inquiry Economic Crime inquiry
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Correspondence
Correspondence from the Parliamentary Under-Secretary of State to BEIS to Chair relating to Companies House, 22 October 2018
Inquiry Economic Crime inquiry
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Correspondence

Oral evidence transcripts

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15 May 2019
Inquiry Economic Crime inquiry
Witnesses Megan Butler, Executive Director, Investment, Wholesale and Specialists Division, Chris Hemsley, Co-Managing Director, Payment Systems Regulator, Mark Steward, Executive Director of Enforcement and Market Oversight, FCA
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Oral Evidence
2 April 2019
Inquiry Economic Crime inquiry
Witnesses Mark Tingey, Head of Financial Crime Operations, Metro BankRuth Evans, Independent Chair, Authorised Push Payments Scams Steering Group, Richard Lloyd, Advisor, Authorised Push Payments Scams Steering Group
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Oral Evidence
30 October 2018
Inquiry Economic Crime inquiry
Witnesses John Glen MP, Economic Secretary to the Treasury, Rt Hon Ben Wallace MP, Minister of State for Security at the Home Office, Robert Buckland QC MP, Solicitor General
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Oral Evidence

Written evidence

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HM Treasury (ECR0097)
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Payment Systems Regulator (ECR0096)
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APP Scams Steering Group (ECR0095)
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Other publications

No other publications published.

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