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100746
unstar this property registered interest false more like this
star this property date less than 2014-10-23more like thismore than 2014-10-23
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Money Laundering: EU Law more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of the proposed revision of EU Anti-Money Laundering Directive on individuals and companies in the UK. more like this
star this property tabling member constituency Belfast North more like this
star this property tabling member printed
Mr Nigel Dodds more like this
star this property uin 211714 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2014-10-30more like thismore than 2014-10-30
star this property answer text <p>The 4<sup>th</sup> EU Anti-Money Laundering Directive transposes the global standards on anti-money laundering and counter-terrorism finance set by the Financial Action Task Force (FATF) in 2012. These standards further embed the risk-based approach, which allow obliged entities, including companies, to adopt anti-money laundering checks which are best suited to the risk they face in their everyday business. This allows for more proportionate and balanced anti-money laundering regimes across the EU including in the UK.</p><p> </p><p> </p><p> </p><p>The Directive is currently in its last stage of negotiations. The UK government is committed to publishing an impact assessment and to consulting on the implementation of the Directive before transposing its new requirements into UK legislation, in line with better regulation principles. This timing is necessary to ensure that any Impact Assessment accurately reflects any changes to the draft legislation agreed in negotiations.</p><p> </p>
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property question first answered
remove filter
star this property answering member
4117
unstar this property label Biography information for Andrea Leadsom more like this
star this property tabling member
1388
star this property label Biography information for Nigel Dodds more like this