White Collar Crime Centre’s submission in response to the Treasury Committee’s Economic Crime Inquiry

Treasury Committee

On 8 May 2018, the White Collar Crime Centre – the research and analysis arm founded by Bright Line Law– submitted a response to the Treasury Committee’s Economic Crime Inquiry. The Centre’s submission focused on the ‘the impact of the implementation of the current AML regime on individuals, firms and the wider economy, including unintended consequences, such as the removal/refusal or financial services from/to individuals or firms’ through the lens of financial exclusion and de-risking practices deployed by financial institutions.

The Centre put forward the following three recommendations:

(1) issuance of detailed guidance for financial institutions on de-risking with an emphasis on financial inclusion; (2) expansion and clarification of the mandate of the Financial Ombudsman Service to prioritise issues related to financial exclusion and de-risking decisions made by financial institutions; and (3) implementation of a comprehensive national digital identification system.

The Centre’s submission can be accessed here