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
-
EU financial services legislation (382 KB, PDF)
There is a considerable amount of legislation either in the European ‘pipeline’ or dependent upon decisions taken by other bodies at an international level. Some of the EU initiatives require Treaty changes, others do not. Some of the outstanding pieces of legislation are directly linked to the financial crisis, others pre date it, but have been amended in some cases to reflect new circumstances. This note tries to explain the various strands
Note: this document is of historic interest only. The proposals mentioned here have become legislation already and enacted in their several ways in the UK and in the rest of the EU.
Documents to download
-
EU financial services legislation (382 KB, PDF)
Related posts
-
-
An overview of the Government initiatives to support businesses through the coronavirus pandemic.
-
An overview of how business interruption insurance policies have been interpreted in the context of the coronavirus pandemic.
