UK’s fragmented anti-money laundering system needs re-ordering, warns Treasury Committee

8 Mar 2019 02:42 PM

The Treasury Committee has today published a unanimously-agreed Report on Economic Crime – Anti-money laundering supervision and sanctions implementation.

Scale of the Problem

Organising the Defence


Two sectors of particular concern in the UK’s fragmented AML supervision are property and company formation:




Chair's comments

Commenting on the Report, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, said:

“With the uncertainties of Brexit around the corner, the Government should regularly review the UK’s effort to combat money laundering to ensure a constant stimulus to improve.

“When the UK does leave the EU, there will be both risks and opportunities in terms of economic crime. The Government must ensure it does not bow to buccaneering deregulatory pressures and maintain its intentions to lead in the fight against economic crime.

“Leading that fight is going to require focus. The Government needs to bring greater order to a fragmented supervisory system, better identify the scale of the problem, and make a greater effort to combat the known risks and gaps in the supervisory system.

“The Committee’s comprehensive report makes a series of recommendations around estate agents, Companies House, financial sanctions and the UK’s corporate criminal liability framework that would help the UK combat economic crime.”

Further information