London Daily

Focus on the big picture.
Wednesday, Nov 04, 2026

FinCEN Files sparks fresh UK inquiry into laundering of dirty billions

FinCEN Files sparks fresh UK inquiry into laundering of dirty billions

Prompted by the FinCEN Files, a powerful U.K. parliamentary committee has launched a fresh anti-money laundering inquiry 19-months after it outlined findings that the nation’s response to billions of pounds in money-laundering was “fragmented.”

In light of the International Consortium of Investigative Journalists’ recent investigation, the U.K. Treasury Committee says it will examine the effectiveness of both anti-money laundering systems and sanctions.

The Treasury Committee says the precise scale of the problem is uncertain, with estimates ranging from tens of billions of pounds to hundreds of billions of pounds.

The committee listed specific concerns as:

* The work of the Office for Professional Body Anti-Money Laundering Supervision, or OPBAS

* The impact of the “FinCEN papers”

* Corporate liability for economic crime

* The work of Companies House, the U.K.’s registrar of companies

Based on thousands of secret documents obtained by BuzzFeed News, the FinCEN Files investigation revealed how giants of Western banking enriched themselves while facilitating the movement of money for oligarchs, terrorists, drug traffickers and fraudsters.

The documents, secretly sent by banks to a unit of the United States Treasury Department called the Financial Crimes Enforcement Network, or FinCEN, detail suspect money flows of more than $2 trillion between 1999 and 2017.

The global investigation spotlighted the behavior of some of Britain’s leading banks, including Standard Chartered, HSBC and Barclays. It also identified thousands of U.K. shell companies linked to suspicious transactions.

Reacting to the revelations in their immediate aftermath, the head of the U.K. Treasury Committee, Tory Member of Parliament Mel Stride, said he was “deeply troubled” by the revelations and had raised them with Britain’s tax collection agency known as HMRC, the Financial Conduct Authority and the Home Office.

“The Treasury Committee wants to know whether Ministers, HMRC and the FCA are on top of this,” said Stride, who served in the Theresa May government as the financial secretary to the treasury.

Stride said the new inquiry would “review what progress has been made in combating economic crime” since a previous inquiry held during the term of the last U.K. Parliament.

“The current Committee will now examine what progress supervisors, law enforcement and the Government has made in these areas,” Stride said in a statement.

“It’s important that the relevant bodies are held to account and scrutinised effectively to ensure that the UK is a clean place to do business and that consumers are protected from economic crime.”

The previous Treasury Committee inquiry’s report, published in March 2019, outlined the scale of the threat posed by money laundering and criticized the “fragmented approach” to it.

The report said, “Looking first at published documents, the National Strategic Assessment of Serious and Organised Crime 2018 suggested that the scale of money laundering impacting the UK annually could be in the hundreds of billions of pounds, whereas in its Serious and Organised Crime Strategy, the Government put it in the tens of billions of pounds.”

The Treasury Committee said the U.K.’s system to prevent money laundering was “highly fragmented”, with 25 separate organizations supervising the checks, many of them trade groups for accountants and solicitors.

Newsletter

Related Articles

0:00
0:00
Close
Northern Ireland Executive Agrees on Multi-Year Public Sector Pay Restructuring Framework at Stormont
Department for Transport Confirms Acceleration of Electric Vehicle Charging Infrastructure Rollout Along Strategic Motorways
Welsh Government Announces Emergency Funding Package to Support Agricultural Sector Facing Severe Weather Impacts
High Court Rules in Favor of Environmental Coalition Over Government Carbon Reduction Plan Deficiencies
Office for National Statistics Reports Stable Retail Sales Growth Supported by Strong Digital Commerce Volumes
Scottish First Minister John Swinney Secures Cross-Party Support for Renewable Energy Export Expansion
National Health Service Digital Reports Major Breakthrough in Reducing Elective Waiting Lists Across England
Chancellor Rachel Reeves Outlines Infrastructure Spending Reforms to Boost Regional Economic Growth Across Northern England
Bank of England Holds Baseline Interest Rate at Five Percent Amid Persistent Core Inflation Pressures
House of Lords Advances Representation of the People Bill to Modernize Electoral Law Ahead of General Election
Financial Markets and Private Equity Assess Tax and Corporate Realignment Following Recent Chancellor Budget Adjustments
Justice Committee Warns Legal Aid Is a Service in Managed Decline Due to Inadequate Government Funding Responses
Royal Navy Intercepts Russian Intelligence Vessel and Warships Across Intensive North Sea Operations
Business and Trade Committee Slams Government Policy on China as Fragmented and Lacking Strategic Direction
Home Secretary Shabana Mahmood Softens Immigration Plans Following Intensive Cabinet Backlash Over Settlement Timelines
Automotive Industry Data Reveals Continued Acceleration in Battery Electric Vehicle Registrations Across British Dealerships
High Court of England and Wales Rules on Landmark Legal Challenge Regarding Local Government Housing Mandates
Department for Energy Security and Net Zero Approves Expanded Offshore Wind Infrastructure Along Scottish Coastline
Competition and Markets Authority Launches Broad Investigation Into Artificial Intelligence Infrastructure and Cloud Partnerships
United Kingdom and European Union Launch High-Level Preparations for Bilateral Defense and Security Summit in Brussels
National Health Service England Unveils Emergency Workforce Reforms to Alleviate Winter Accident and Emergency Pressures
Chancellor Rachel Reeves Finalizes Autumn Budget Adjustments to Meet Fiscal Rules and Fund Public Services
Bank of England Prepares for Interest Rate Decision Amid Rising Bond Yields and Inflationary Pressures
House of Lords Begins Detailed Legislative Scrutiny of Representation of the People Bill and Cyber Security Laws
Metropolitan Police Detain More Than Three Hundred Individuals Following Large-Scale Demonstration Outside London Embassy
Home Office Prepares Stricter Residency Rules Requiring Vulnerable Migrants to Wait Decade for Settlement Rights
Professional Mental Health Bodies Demand Statutory Regulation for Counsellors and Psychotherapists
National Grid Confirms Construction of Britain's Largest Electrical Substation to Power Teesside Data Centre
Prime Minister Keir Starmer Travels to Samoa for Commonwealth Summit Amid Debates on Economic Cooperation and Reparations
Home Office Implements Enhanced Digital Border Controls and Visa Processing Systems at Major Airports
Office for National Statistics Reports Stable Employment Participation Rates Across Regional Labor Markets
Department for Business and Trade Announces Strategic Partnership to Secure Critical Mineral Supply Chains
Scottish Government Unveils Regional Economic Development Strategy to Boost Advanced Manufacturing in Glasgow and Dundee
Treasury Officials Review Taxation Frameworks and Capital Gains Rules Ahead of Autumn Budget Disclosures
National Health Service Leaders Warn of Winter Capacity Pressures Across Acute Care Facilities
Bank of England Prepares for Key Interest Rate Decision Amid Sticky Inflation and Fiscal Policy Pressures
Home Office Expands Border Security Operations and Intelligence Sharing With European Partners
Office for National Statistics Reports Modest Retail Sales Growth Ahead of Crucial Christmas Trading Season
Welsh Government Unveils Strategic Plan to Boost Regional Technology Innovation and Digital Skills Training
Department for Environment Food and Rural Affairs Implements New Agricultural Subsidies Framework for English Farmers
Scottish First Minister John Swinney Announces Major Regional Infrastructure and Green Energy Investment Strategy
National Health Service Leaders Warn of Severe Winter Pressures and Mounting Accident and Emergency Backlogs
Bank of England Monetary Policy Committee Signals Cautious Interest Rate Path Amid Persistent Services Inflation
Chancellor of the Exchequer Rachel Reeves Finalizes Autumn Budget Framework Aiming to Close Public Sector Fiscal Gap
Department for Science, Innovation and Technology Prepares Enhanced Artificial Intelligence Safety and Cyber Defense Frameworks
United Kingdom Government Expands International Sanctions Framework Against Russian Shadow Fleet and Financial Enablers
Institute of Directors Reports Sharp Post-Budget Drop in Business Confidence Despite Long-Term Investment Intention Shifts
Chancellor John Healey Defends Sweeping Fiscal Adjustments and Household Support Packages Following Autumn Budget
Parliamentary Petitions Committee Schedules Major Legislative Debates on Special Educational Needs and Non-Stun Meat Labelling
Regional Devolution and Good Growth Fund Frameworks Reshape Local Government Funding Across English Regions
×