The Treasury Committee has written to BEIS, FCA, HMRC and the Minister for Security seeking answer to a number of questions in the light of the release of the FinCEN papers. Mel Stride’s letter asks:
- what needs to be done to better protect the financial system from economic crime?
- what are the UK law enforcement agencies doing in the light of the papers/
- will the release of the papers impact on SARs?
- how robust to potential leaks is the UK system?
- is it concerning that the UK has been called a “higher-risk” jurisdiction?
- is HMRC an effective money laundering supervisor?
- is OPBAS confident that the professional bodies are good AML supervisors?
- will the papers have any impact on any ongoing HMRC investigations?
- will FCA be taking enforcement action?