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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Scottish banknote issuance (192 KB, PDF)
This short note outlines the arguments surrounding the acceptability, or otherwise, of Scottish banknotes. The term ‘legal tender’ is an extremely narrow legal construct and has very little to do with how acceptable a bank note is for payment. Various attempts have been made to clarify the position and to improve the standing of Scottish banknotes. The latest is described here.
Documents to download
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Scottish banknote issuance (192 KB, PDF)
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