Thread by @CommonsTreasury

⏳One hour to go until the first evidence session of our #EconomicCrime inquiry.

We'll hear from:
✅Graeme Biggar, @NCA_UK
✅Angela McLaren, @CityPolice
✅Patrick Campbell, @policescotland

📺Watch it live here👇

parliamentlive.tv/Event/Index/92…

🚨We're underway with the first evidence session of our inquiry into #EconomicCrime.

📺Watch it live here👇

parliamentlive.tv/Event/Index/92…

Asked about fraud in relation to the Government's #coronavirus support schemes, Graeme Biggar from @NCA_UK tells us that there are "eyewatering" amounts of fraud against the public purse.

.@JulieMarsonMP asks about the #FinCEN papers & whether the UK is a higher risk jurisdiction on a par with Cyprus?

Graeme Biggar from @NCA_UK tells us the papers show the need for reform of @CompaniesHouse due to the scale of money laundering done through UK corporate structures

In response to questions from @alisonthewliss, Graeme Biggar from @NCA_UK tells us that only 31 Suspicious Activity Reports (SARs) were received from trust and company service providers despite hundreds of thousands of companies being formed each year.

.@SteveBakerHW asks about the role that search engines and social media companies play in fraudulent schemes being promoted.

Angela McLaren from @CityPolice tells us that in 2019/20 social media featured in over 39,000 crime reports to @actionfrauduk, with losses of over £120m.

.@alisonthewliss asks if £12 to incorporate a company is too low and a hinderance to the fight against #EconomicCrime.

Graeme Biggar from @NCA_UK tells us that it is very low, you can actually do it for less, and it does feel like a very small amount of money.

And that's all for today's evidence session. Many thanks to all of our witnesses for taking part.

📺You can watch it on demand here👇

parliamentlive.tv/Event/Index/92…