An influential cross-party group of lawmakers in the UK has launched a follow-up enquiry into financial crime following the release of the FinCEN Files last month.

The Treasury Committee will examine the UK government’s progress against previous recommendations it has made on improving the country’s anti-money laundering and sanction implementation systems.

The committee today published a public call for evidence with respondents having until 27 November.

The inquiry is inviting responses on two broad areas: the UK’s anti money laundering and sanctions regimes and economic crime affecting consumers.

It is seeking responses concerns regarding or improvements to the UK’s anti-money laundering and the sanctions regimes, including but not limited to:

  • The work of the Office for Professional Body Anti Money Laundering Supervision (OPBAS) and the profession body AML supervisors
  • The impact of the FinCEN papers
  • Corporate liability for economic crime
  • The work of Companies House

On consumers and economic crime, it is interested in information about:

  • Any emerging trends in consumer facing economic crime as a result of the COVID crisis
  • The operation of the Contingent Reimbursement Model for Authorised Push Payment Fraud
  • The response of financial institutions to economic crime as it affects consumers

Analysis by the BBC last month showed that a total of 3,282 British companies were named in the leaked FinCEN Files, more than for any other country.

Mel Stride chair of the UK Treasury Committee wrote to ministers and government agencies following the publication of the leaked information, demanding answers.

Stride said: “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.”

The previous inquiry report by the committee last year criticised the “fragmented” approach to anti-money laundering in the UK. It made several recommendations, including restructuring to give OPBAS a firmer statutory footing and oversight of supervisors and a greater scrutiny of estate agents.

Topics