The Treasury Committee published its Eleventh Report of Session 2021–22, Economic crime (HC 145), on 21 April 2022. Responses have been received from HM Treasury, the Financial Conduct Authority, and the Payment Systems Regulator. Those responses are appended to this Report.
The government has rejected the call for the creation of a single law enforcement agency dedicated to the challenge of combatting economic crime and has confirmed that it intends to create a second Economic Crime Plan due for publication later this year as well as a 10-year Fraud Strategy. The government has also confirmed that the corporate transparency and register reform bill will be brought forward in the Third Session. The bill will include reform of Companies House, reforms to prevent abuse of limited partnerships, new statutory powers to seize and recover illicit crypto assets, and reform via a forthcoming Economic Crime Bill designed to enable greater information sharing across the private sector for the purpose of preventing and detecting economic crime while protecting the rights of individual customers