The scale of money laundering, fraud and other economic crime in the UK, is thought to run to tens or hundreds of billions of pounds per year. In December 2019 the Treasury Committee found various regulatory and legislative failings in the way in which these crimes were being tackled in the UK. It urged the Government to make improvements to the supervisory system and to introduce new powers to combat economic crime. The Government agrees about the need to tackle these crimes. It set out its overall approach in its July 2019 Economic Crime Plan. The Plan covers the years 2019-2022 and draws together all the work being conducted by the public and private sector. The Royal United Services Institute said that as at September 2020, 23% of actions in the plan had been completed, 59% were in progress, 9% were overdue, 6% of actions either had no due date or had been paused.
Documents to download
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Financial Services Bill: Committee Stage Report (311 KB, PDF)
Many reasons have been put forward as to why the financial crisis, which started in 2008, happened. The Coalition Government believes that regulatory failure played some part. The Bill puts the Bank of England back at the centre of the supervisory system; establishes institutions for ‘macro-prudential regulation’ and two new regulators that concentrate on the prudential regulation of large institutions and business conduct respectively.
Documents to download
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Financial Services Bill: Committee Stage Report (311 KB, PDF)
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