In Response to Committee, UK Outlines Pending Steps to Fight Financial Crime
03 Jun 2019

Earlier this month, the UK government submitted its response to the latest House of Commons Treasury Select Committee (TSC) report on economic crime, agreeing in many cases to advance parliamentarian recommendations and, in one instance, pushing back on a key proposal. Taken as a whole, the response outlines a path of what’s to come for compliance professionals in the UK market.

But what exactly is the TSC report? In line with many other legislatures around the world, the directly-elected UK House of Commons has established a number of select committees to monitor the work and policies of each of the government departments or ministries.

A key feature of the system is that the committees hold inquiries, on a bipartisan basis, into the work of their respective government departments. Written contributions from a wide variety of sources are solicited for each inquiry. Various parties such as government ministers, senior civil servants, academics and civil society groups are often invited to present verbal evidence to lawmakers.

A unanimous report is published at the end of an inquiry with the a number of recommendations for the government. Although the government must issue a formal response to each committee’s report, it is under no obligation to accept and implement the recommendations.

The TSC is charged with monitoring the work of HM Treasury, the government department responsible for managing the UK economy and government finances.

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