Treasury Committee

Economic Crime inquiry

Inquiry status: concluded

Report published March 2019. The second stage of this inquiry continues.

Report published

Scope of the 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

Latest evidence

  • 15 May 2019 - Economic Crime - oral evidence | PDF version (PDF229 KB) HC 940 | Published 16 May 2019

    Evidence given by 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

  • 02 Apr 2019 - Economic Crime - oral evidence | PDF version (PDF277 KB) HC 940 | Published 04 Apr 2019

    Evidence given by 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

Next meeting(s)

There are currently no public meetings scheduled.

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