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Select Committee · Foreign Affairs Committee

Responding to illicit and emerging finance

Status: Closed Opened: 1 Feb 2022 Closed: 26 Oct 2022 11 recommendations 6 conclusions 1 report

This inquiry will look at how effectively the UK is responding to the challenge of illicit finance flows across borders, building on the predecessor Committee’s report “Moscow’s Gold”. It will also explore the impact that emerging forms of finance could have on the international norms and rules that govern the global financial system. This inquiry …

Clear

Reports

1 report
Title HC No. Published Items Response
Second report - The cost of complacency: illicit finance a… HC 168 30 Jun 2022 17 Responded

Recommendations & Conclusions

1 item
5 Recommendation Second report - The cost of complacency… Accepted in Part

The Government cannot afford to rely on rhetoric if it is to deliver on its...

The Government cannot afford to rely on rhetoric if it is to deliver on its commitment to tackle illicit finance. Without the necessary means and resources, enforcement agencies are toothless. If the UK is to protect its reputation as a global financial centre, it is essential that legitimate businesses can …

Government response. The government cites the Economic Crime Levy and Spending Review 21 settlement, representing £400 million over three years, including £100 million per year through the Economic Crime Levy. The allocation round will take place this financial year and will include …
Foreign and Commonwealth Office

Oral evidence sessions

1 session
Date Witnesses
18 Oct 2022 Adam M Smith · Gibson, Dunn and Crutcher LLP, Maria Nizzero · RUSI, Oliver Windridge · The Sentry View ↗