Economic Crime - Anti-money laundering supervision and sanctions implementations Contents
Introduction
Conduct of the inquiry
1.On 29 March 2018, the Treasury Committee launched an inquiry into Economic Crime. The Committee announced that the inquiry would be organised into the following two strands:
- Anti-money laundering and the sanctions regime. The Committee will examine the scale of money laundering, terrorist financing and sanctions in the UK, the current regulatory and legislative landscape, and how individuals, firms and the wider economy have been impacted by these regimes and the implementation of them; and
- consumers and economic crime. The Committee will scrutinise the scale and nature of economic crime faced by consumers, particularly retail bank consumers, the effectiveness of financial institutions in combatting economic crime, and the security of consumer’s data.1
This Report covers the first of these strands. A second Report covering the consumers and economic crime strand will follow later in 2019.
2.As well as receiving many pieces of written evidence, the Committee held the following oral evidence sessions:
- 15 May 2018—Duncan Hames, Director of Policy, Transparency International UK, Naomi Hirst, Senior Campaigner, Global Witness, Tom Keatinge, Director, Centre for Financial Crime and Security Studies, Royal United Services Institute (RUSI)
- 27 June 2018—Stephen Curtis, Chairman, The Association of Company Registration Agents (ACRA), Adam Harper, Director of Strategy & Professional Standards, AAT, Mark Hayward, Chief Executive, NAEA Propertymark
- 9 October 2018—Colin Bell, Group Head of Financial Crime Risk, HSBC, Stephen Jones, CEO, UK Finance
- 10 October 2018—Rena Lalgie, Director, Office of Financial Sanctions Implementation, HM Treasury, Simon York, Director, Fraud Investigation Service, HM Revenue and Customs, Alison Barker, Director of Specialist Supervision, Financial Conduct Authority
- 19 October 2018—Director Donald Toon, Prosperity Command, National Crime Agency, Mark Thompson, Interim Director, Serious Fraud Office
- 30 October 2018—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
3.The Committee would like to thank all those who provided written and oral evidence during this phase of the inquiry.
1 Treasury Committee, ‘Economic crime inquiry launched’, 29 March 2018
Published: 8 March 2019