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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

2 items
6 Recommendation Second report - The cost of complacency… Deferred

The Government should publish its long-awaited review of the Tier 1 Investor visa scheme without...

The Government should publish its long-awaited review of the Tier 1 Investor visa scheme without delay. It should also explain: whether it intends to review Investor visas issued since 2015; what action it will take in relation to those who were granted a visa without due diligence, particularly those who …

Government response. The government notes the recommendation and states that the review of the Tier 1 Investor visa scheme is being finalised and it is their aim to publish it in the near future.
Foreign and Commonwealth Office
10 Recommendation Second report - The cost of complacency… Deferred

The vectors of illicit finance are often companies.

The vectors of illicit finance are often companies. Therefore, the FCDO should work across Government to encourage reform of outdated and ineffective corporate criminal liability laws which mean that it is difficult to hold large companies to account for economic crimes. We will return to this point in our final …

Government response. The Government notes this recommendation and is carefully assessing the options presented by the Law Commission's review of how corporates could be better held to account for committing serious crimes, and continues to work collaboratively with them and other key …
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 ↗