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[email protected] Website www.parliament.uk/treascom The Rt Hon. James Brokenshire MP Minister of State (Minister for Security) Home Office Via email 22 September 2020 Dear James, The recent release of the FinCen papers to the media has once again placed a spotlight on the UK’s approach to combatting economic crime. This was the focus of a previous Treasury Committee inquiry, which led to the publication of a Report entitled Economic Crime - Anti-money laundering supervision and sanctions implementation in March 2019. Following the release of the so-called FinCen files, I would welcome your answers to the following questions: • What needs to be done to further secure the financial system from Economic Crime, given the information in the FinCen files? Are any of the UK law enforcement agencies following up on the information in those leaks, to see if more can be done to combat economic crime? • It is reported that a leaked US Treasury paper argued the UK was a “higher-risk” jurisdiction. Have you had similar comments from US authorities, and would such an identification concern you? • The Economic Crime Plan, 2019 to 2022, notes that “[…] the NCA will ensure the UKFIU meets international best practice by December 2020. Home Office, supported by HM Treasury and NCA, will consider whether any legislative changes are necessary to meet the requirement under international standards for UKFIU to be sufficiently operationally independent and autonomous.” Are you on track to meet that commitment? • The Economic Crime plan also notes that “[…] the SARs Transformation Programme will agree the next iteration of the target operating model for the future SARs regime by December 2020.