Source · Select Committees · Treasury Committee
Recommendation 39
39
Paragraph: 167
HMRC is responsible for anti-money laundering supervision in a number of risky sectors, such as...
Conclusion
HMRC is responsible for anti-money laundering supervision in a number of risky sectors, such as Trust or Company Service Providers (TCSPs). There are signs that HMRC could improve its supervisory performance in that sector and other risky sectors. HMRC should seek to be more proactive in preventing TCSPs facilitating the use of UK companies for money laundering and should aim to drive up significantly the numbers of SARs from that sector.
Paragraph Reference:
167
Government Response
Not Addressed
HM Government
Not Addressed
Economic crime is a priority for law enforcement agencies, and the government is committed to ensuring enforcement can continue to make the UK an even more hostile place for illicit finance and economic crime. The sustainable funding model the government has developed is intended to ensure enforcement agencies are able to crack down on dirty money and financial exploitation, to protect the UK’s security and prosperity. Through increased investment of £400m over the SR period, prioritisation across agencies and legislative changes the government is tackling the problem of economic crime head on. Supporting this, the government has introduced powers for law enforcement agencies to seize the proceeds of crime and deny criminals and corrupt elites’ access to their assets. It has also enhanced its ability to sanction individuals through the Global Anti-Corruption Sanctions Regulations.9 These sanctions freeze the assets of the designated individuals and make it a criminal offence for anyone to make funds or economic resources available to them. The new dedicated Kleptocracy cell in the NCA will also target sanctions evasion and corrupt assets hidden in the UK. We are also increasing law enforcement investigative capacity in the City of London Police, as national lead force for fraud, and in Regional Organised Crime Units across England and Wales. Since 2014 an average of 1,778 prosecutions and 1,174 convictions have been undertaken annually for standalone money laundering cases or where money laundering is the principal offence. Taking into consideration all cases involving asset recovery (not just money laundering) agencies have recovered over £1.3 billion since 2015/16 using the