UK Treasury Committee Seeks Answers from UK Bodies on FinCen Papers and Economic Crime

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Shearman & Sterling LLPThe U.K. Treasury Committee has written to the U.K. Financial Conduct Authority, HM Revenue and Customs and the U.K. Department for Business, Energy and Industrial Strategy, seeking answers to a series of questions on the actions each of the bodies are taking to combat economic crime and the significance of the "FinCen files" leak. The FinCen files are essentially a series of leaked suspicious transaction reports originally sent by banks to the US Financial Crimes Enforcement Network between 2000-2017 notifying FinCen of suspicious transactions. The Treasury Committee's letters note that the leaked FinCen documents place a spotlight on the U.K.'s approach to combatting economic crime. The letters pose a series of questions to each of the three bodies, seeking further information on their actions to combat economic crime, and voice the Treasury Committee's concern that Ministers, HMRC and the FCA are performing that function effectively. 

View the Treasury Committee's letter to the FCA.

View the Treasury Committee's letter to HMRC.

View the Treasury Committee's letter to the Department for Business, Energy and Industrial Strategy.

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