Britain should not go soft on economic crimes post Brexit: TSC

A report from the British Parliament’s Treasury Select Committee (TSC) has called for improving anti-money laundering standards post Brexit.

On Friday, a panel of British lawmakers stated, Britain should not go soft on anti-money laundering standards in order to win trade deals once it leaves the European Union.

A report on economic crime by the British from parliament’s Treasury Select Committee (TSC) has also called for better estimates for such crimes, and for a single supervisor of Britain’s 25 bodies that enforce anti-money laundering rules.

“Britain’s tax and revenue service should ensure that all estate agents are registered with it to ensure compliance with rules aimed at stopping proceeds of corruption being stashed in property”, reads the report.

It goes on to read, “Companies House, where new firms are registered, should have powers to make sure it plays no role in helping those undertaking economic crime”.

“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,” said Nicky Morgan, TSC’s chairman in a statement. “The government must ensure it does not bow to buccaneering deregulatory pressures and maintain its intentions to lead in the fight against economic crime.”

Despite the challenges posed by Brexit, Britain must ensure that its financial sector is “clean” to match its ambitions to continue to be a leader in global financial services, states the report.

The report also goes on to caution on overly focusing on Russia in the fight against economic crime, although elements from Russia has had a “malign influence” on the UK’s financial system.

“Estimates for economic crime in Britain ranges from tens of billions of pounds to hundreds of billions and the government should provide a more precise estimate so that the response is better tailored”, stated the report.

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