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1020339

registered interest
date	05/12/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Bank of Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the likelihood of recouping the cost to the public purse of the bailout of the Royal Bank of Scotland by planned sale of shares by 2023-24.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	199257
answer	answer is ministerial correction date of answer 10/12/2018 answer text <p>At Budget 2018 Government announced an intention to undertake a full disposal of its Royal Bank of Scotland shareholding by 2023-24.</p><p>In its Economic and Fiscal Outlook (<a href="https://cdn.obr.uk/EFO_October-2018.pdf" target="_blank">https://cdn.obr.uk/EFO_October-2018.pdf</a>), the independent Office for Budget Responsibility (OBR) forecast the total value of expected proceeds from sales of the RBS shareholding (paragraph 4.208). The OBR also estimate the gross and net cash flows of the financial sector interventions (table 4.44), noting that ‘the economic and fiscal costs of the [financial] crisis would almost certainly have been greater in the absence of these direct interventions to restore the financial system to stability’.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 199258 question first answered 10/12/2018 15:19:41 answering member 4051 label Biography information for John Glen
tabling member	2 label Biography information for Kelvin Hopkins

1020344

registered interest
date	05/12/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Bank of Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the expected contribution to the public purse of the proposed sale of the Government's stake in RBS.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	199258
answer	answer is ministerial correction date of answer 10/12/2018 answer text <p>At Budget 2018 Government announced an intention to undertake a full disposal of its Royal Bank of Scotland shareholding by 2023-24.</p><p>In its Economic and Fiscal Outlook (<a href="https://cdn.obr.uk/EFO_October-2018.pdf" target="_blank">https://cdn.obr.uk/EFO_October-2018.pdf</a>), the independent Office for Budget Responsibility (OBR) forecast the total value of expected proceeds from sales of the RBS shareholding (paragraph 4.208). The OBR also estimate the gross and net cash flows of the financial sector interventions (table 4.44), noting that ‘the economic and fiscal costs of the [financial] crisis would almost certainly have been greater in the absence of these direct interventions to restore the financial system to stability’.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 199257 question first answered 10/12/2018 15:19:41 answering member 4051 label Biography information for John Glen
tabling member	2 label Biography information for Kelvin Hopkins

1020370

registered interest
date	05/12/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Trusts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if the Government will commit to the full disclosure of the beneficiaries of offshore trusts.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	199259
answer	answer is ministerial correction date of answer 10/12/2018 answer text <p>Overseas trusts that incur a UK tax consequence are already required to register full details of their beneficial ownership with HMRC, ensuring law enforcement can access this information.</p><p> </p><p>The Fifth EU Anti-Money Laundering Directive (5AMLD) requires an expansion of the scope of the UK’s register from ‘trusts with a tax consequence’ to all UK express trusts and non-EU trusts which acquire UK real estate or have a business relationship with a UK regulated entity. Access to this register will also be extended to firms regulated for anti-money laundering purposes, and those persons with a ‘legitimate interest’ in the information. The Government will consult on the transposition of this change in due course. 5AMLD has a transposition deadline during January 2020. This falls within the implementation period, and so the UK will transpose this Directive.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/12/2018 15:20:52 answering member 4051 label Biography information for John Glen
tabling member	2 label Biography information for Kelvin Hopkins

1020373

registered interest
date	05/12/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Office for Professional Body Anti-money Laundering Supervision
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the Office for Professional Body Anti-Money Laundering Supervision in improving standards in the financial sector.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	199262
answer	answer is ministerial correction date of answer 13/12/2018 answer text <p>The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) became operational in January 2018. OPBAS is part of the Financial Conduct Authority (FCA) and supervises 22 professional body anti-money laundering (AML) supervisors which oversee the legal and accountancy sectors, as listed in the Money Laundering Regulations 2017. Neither OPBAS, nor the professional body AML supervisors (PBSs) supervise AML activities in the financial sector, which is instead supervised by the FCA. Fighting financial crime is a key priority for the FCA.</p><p> </p><p>OPBAS’s key objectives are to reduce the harm of money laundering and terrorist financing by:</p><ul><li><p>ensuring a robust and consistently high standard of supervision by the PBSs overseeing the legal and accountancy sectors;</p></li><li><p>facilitating collaboration, and information and intelligence sharing between PBSs, statutory supervisors, and law enforcement agencies.</p><p>The recent Financial Action Task Force (FATF) review of the UK’s AML regime recommended that the UK should closely monitor the impact of OPBAS in undertaking its work.</p><p> </p></li></ul><p>By the end of 2018, OPBAS will have completed its initial supervisory assessments of all PBSs. The Government will continue to work closely with OPBAS to ensure that its plans and activities are effective and risk-based.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/12/2018 14:18:27 answering member 4051 label Biography information for John Glen
tabling member	2 label Biography information for Kelvin Hopkins

971556

registered interest
date	11/09/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Budget
house id	1
legislature	25259 pref label House of Commons
question text	What steps he is taking to reduce the total net annual financial outflow from the UK to the EU; and if he will make a statement.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	906801
answer	answer is ministerial correction date of answer 11/09/2018 answer text <p>The UK and the EU reached an agreement in principle, in December 2017, on the financial settlement for the UK’s withdrawal from the EU. This was set out in the Joint Report on progress during Phase 1 of the negotiations. These principles will become legally binding through a Withdrawal Agreement as set out in the Government’s White Paper on legislating for the Withdrawal Agreement, published in July this year.</p><p> </p><p>Post-exit, decisions on spending will be made based on domestic priorities, considering the economic environment, the fiscal position and the negotiated outcome.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 11/09/2018 16:17:09 answering member 4051 label Biography information for John Glen
tabling member	2 label Biography information for Kelvin Hopkins