Economic Crime - Anti-money laundering supervision and sanctions implementations Contents



Conduct of the inquiry

1 The threat of economic crime

The scale of the threat

London as a financial centre

The UK leadership role and the UK’s exit from the European Union

Financial Action Task Force

2 A fragmented approach to AML supervision

The UK’s AML supervisory landscape


Company formation

Companies House

Core financial services

The Periphery versus the Core

Professional body supervision and OPBAS

Office of Professional Body Anti-money laundering Supervisors (OPBAS)

HMRC as an AML supervisor

The tax authority as AML supervisor


Unregistered firms

HMRC’s overall role as an AML supervisor

Supervisor of supervisors

3 Other issues


Outsourcing to the private sector

Information flows and the National Economic Crime Centre

National Economic Crime Centre

Suspicious Activity Reports

SARs reform programme

Politically Exposed Persons


4 Legislative reform

The Government’s response

5 Financial sanctions

The Regime

The Office of Financial Sanctions Implementation (OFSI)

Lessons from EN+


The impact of the UK leaving the EU

Conclusions and recommendations

Formal minutes


Published written evidence

List of Reports from the Committee during the current Parliament

Published: 8 March 2019