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943361
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Money Laundering: EU Law more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what progress they have made in implementing the 5th EU Anti-Money Laundering Directive; and when it will come into force. more like this
star this property tabling member printed
Lord Harris of Haringey more like this
star this property uin HL9580 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The Fifth Anti-Money Laundering Directive (5AMLD) entered into force in July of this year, with a transposition deadline of January 2020. This falls during the Implementation Period, and so the UK will transpose this Directive.</p><p> </p><p>The Government will consult on the transposition of 5AMLD in due course.</p><p> </p> more like this
star this property answering member printed Lord Bates more like this
star this property grouped question UIN HL9582 more like this
star this property question first answered
less than 2018-07-31T11:57:35.337Zmore like thismore than 2018-07-31T11:57:35.337Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2671
unstar this property label Biography information for Lord Harris of Haringey more like this
943363
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Money Laundering: EU Law more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether the Financial Conduct Authority will have responsibility for enforcing the 5th EU Anti-Money Laundering Directive. more like this
star this property tabling member printed
Lord Harris of Haringey more like this
star this property uin HL9581 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The Financial Conduct Authority (FCA) is already responsible for the anti-money laundering (AML) supervision of UK credit and financial institutions and certain other categories of firm specified in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.</p><p> </p><p>The Fifth Anti-Money Laundering Directive (5AMLD) contains measures that include bringing new categories of firm into scope of national AML regimes. The Government will consult on its approach to transposing 5AMLD in due course.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T12:01:55.39Zmore like thismore than 2018-07-31T12:01:55.39Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2671
unstar this property label Biography information for Lord Harris of Haringey more like this
943364
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Money Laundering: EU Law more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether the UK will continue to apply the terms of the 5th EU Anti-Money Laundering Directive in the event of the UK leaving the EU. more like this
star this property tabling member printed
Lord Harris of Haringey more like this
star this property uin HL9582 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The Fifth Anti-Money Laundering Directive (5AMLD) entered into force in July of this year, with a transposition deadline of January 2020. This falls during the Implementation Period, and so the UK will transpose this Directive.</p><p> </p><p>The Government will consult on the transposition of 5AMLD in due course.</p><p> </p> more like this
star this property answering member printed Lord Bates more like this
star this property grouped question UIN HL9580 more like this
star this property question first answered
less than 2018-07-31T11:57:35.413Zmore like thismore than 2018-07-31T11:57:35.413Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2671
unstar this property label Biography information for Lord Harris of Haringey more like this
943396
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Financial Services: Euro more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of whether the City of London will be able to continue with euro clearing after Brexit; and whether this would be likely to require direct oversight from EU regulators. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL9609 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Euro-denominated clearing forms an important part of the overall financial structure in London, generating economic efficiencies from which many firms in the UK, in Europe and internationally benefit.</p><p> </p><p>Euro-denominated contracts are not only traded by EU firms but also by firms located in the UK and other third country jurisdictions. Many of these transactions would not be impacted by the UK’s exit from the EU.</p><p> </p><p>The Chancellor has proposed a new partnership that will focus on developing a mutually agreed and objective framework which maximises the provision of the most important international financial services offerings between the UK and the EU, in a way that is enduring, reliable and ensures financial stability risks can properly be managed.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T11:59:48.053Zmore like thismore than 2018-07-31T11:59:48.053Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
943400
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Artificial Intelligence and Automation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the benefits and costs of artificial intelligence and automation for the British economy. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL9613 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Artificial intelligence and automation present enormous opportunities for our economy. Some studies suggest that artificial intelligence could add 10% to UK GDP by 2030. Other studies highlight the benefits that artificial intelligence and automation could bring to specific sectors.</p><p> </p><p>For example, the independent “Made Smarter” review, published in October 2017, estimated that digital technologies, such as robotics, artificial intelligence, and additive manufacturing, could add £455 billion to the UK manufacturing economy over the next decade.</p><p> </p><p>This would represent an increase in manufacturing sector growth of between 1.5 and 3 percent per annum, creating an estimated net gain of 175,000 jobs throughout the economy.</p><p> </p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T12:02:49.847Zmore like thismore than 2018-07-31T12:02:49.847Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
943403
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Government Securities more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they intend to issue a sovereign green bond; and if so, when. more like this
star this property tabling member printed
Lord Teverson more like this
star this property uin HL9615 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Before issuing a new type of bond, such as a sovereign green bond, the government would need to be satisfied that – among other factors – they would provide cost-effective financing for the taxpayer, and there would be sustainable demand.</p><p> </p><p>The UK’s private sector green bond market is well established, facilitated by the London Stock Exchange’s comprehensive specialist offering. There are now over 64 green bonds listed on the LSE in seven currencies, worth over $20 billion.</p><p> </p><p>Sovereign green bonds were recently recommended by the Green Finance Taskforce’s report in March 2018. The government is developing its response to this recommendation, and will respond in due course.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T11:58:29.427Zmore like thismore than 2018-07-31T11:58:29.427Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
3789
unstar this property label Biography information for Lord Teverson more like this
943404
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Green Finance Institute more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government when they expect the Green Finance Institute to become operational. more like this
star this property tabling member printed
Lord Teverson more like this
star this property uin HL9616 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>We are working with the City of London Corporation to develop and determine a timeline for launching its new global Green Finance Institute, which we expect will become operational within the next 12 months.</p><p> </p><p>In response to the first recommendation of the Green Finance Taskforce, the Chancellor announced the Institute’s creation during his Mansion House address. It will initially be supported by funding from both the government and the City of London Corporation, where the Institute will be housed in the first instance.</p><p> </p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T12:00:13.71Zmore like thismore than 2018-07-31T12:00:13.71Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
3789
unstar this property label Biography information for Lord Teverson more like this
943411
star this property registered interest false more like this
star this property date less than 2018-07-17more like thismore than 2018-07-17
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Revenue and Customs: Data Protection more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of whether HMRC is able to access UK citizens' bank accounts and other personal data without their permission and without judicial oversight. more like this
star this property tabling member printed
Viscount Thurso more like this
star this property uin HL9622 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Under longstanding powers HMRC can require banks and building societies to provide data on interest paid to, or collected on behalf of, their customers, without the customer’s permission or judicial approval.</p><p> </p><p>With the approval of the taxpayer or the First Tier Tribunal, HMRC can require additional information from banks about a specific taxpayer that is reasonably required to check the taxpayer’s tax position. These data and information gathering powers, some of which have been in continual use since their introduction at the end of the eighteenth century, are regularly reviewed.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T11:58:02.923Zmore like thismore than 2018-07-31T11:58:02.923Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1399
unstar this property label Biography information for Viscount Thurso more like this
944423
star this property registered interest false more like this
star this property date less than 2018-07-18more like thismore than 2018-07-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Multinational Companies: Taxation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what representations they have made to the European Commissioner for Competition to set up a system to ensure that large industries that have substantial operations in EU countries, but pay a large part of their taxes elsewhere, pay appropriate taxes in the EU countries where their operations are based. more like this
star this property tabling member printed
Lord Morris of Aberavon more like this
star this property uin HL9660 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The UK has led global efforts to tackle multinational tax avoidance.</p><p> </p><p>We were at the forefront of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) Project, which sought to address gaps and mismatches in the international tax system and align tax with economic substance.</p><p> </p><p>We have swiftly implemented the project’s recommendations in domestic legislation, introducing a new restriction on the deductibility of multinationals’ interest expense and rules to prevent multinationals exploiting differences in how countries tax financial instruments and entities.</p><p>We worked closely with the EU Commission and other Member States on the Anti-Tax Avoidance Directive, which seeks to implement the recommendations of the BEPS project and ensure a coordinated response in the EU to tackling tax avoidance by multinationals.</p><p> </p><p>We are engaging constructively with the EU Commission’s recent proposals on digital taxation, which seek to better ensure that digital businesses pay tax in the countries in which they generate value.</p><p> </p>
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T12:04:07.163Zmore like thismore than 2018-07-31T12:04:07.163Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
565
unstar this property label Biography information for Lord Morris of Aberavon more like this
944436
star this property registered interest false more like this
star this property date less than 2018-07-18more like thismore than 2018-07-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury remove filter
star this property hansard heading Economic Situation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the effects of Brexit on the UK economy to date. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL9671 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The UK economy is resilient. The economy has grown every year since 2010, and in 2017, growth remained solid at 1.7%. In their Spring Statement 2018 forecast, the Office for Budget Responsibility expected that the UK economy will continue to grow in 2018 and throughout the forecast period. The labour market continues to show strength with both the employment level and employment rate at record highs, and unemployment at the lowest rate in 40 years. The UK government wants to protect jobs and support growth through an economic partnership with the EU, and proposals for our future relationship with the EU are set out in the White Paper.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-07-31T12:03:19.023Zmore like thismore than 2018-07-31T12:03:19.023Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this