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tabling member printed	Lord Clement-Jones
answer › answer text	%3Cp%3EThe UK%27s Money Laundering Regulations 2007 define Politically Exposed Persons %5BPEPs%5D. UK Members of Parliament are not currently considered PEPs for UK purposes. However%2C revised global standards require that they are treated as PEPs.%3C%2Fp%3E%3Cp%3E %3C%2Fp%3E%3Cp%3EAs similar definitions apply in other jurisdictions UK Parliamentarians are likely to be considered as PEPs in other jurisdictions. We are seeking a risk-based approach to the application of this requirement in negotiating the Fourth Money Laundering Directive.%3C%2Fp%3E%3Cp%3E %3C%2Fp%3E%3Cp%3E %3C%2Fp%3E%3Cp%3ETreasury Ministers have approved industry guidance which further confirms that UK Parliamentarians are not PEPs for UK purposes. Some UK banks may apply enhanced due diligence to UK Parliamentarians in accordance with their own risk appetite%2C and as part of global policies and procedures.%3C%2Fp%3E
max answer › date of answer	2014-06-24
max answer › question first answered	2019-04-05T12:15:41.003Z

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57601

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04/06/2014

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Money Laundering

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question text

To ask Her Majesty's Government whether they have issued guidance as to whether members of either House of Parliament are, or should be, considered as Politically Exposed Persons for the purposes of United Kingdom financial regulation; and, if so, what guidance.

tabling member printed

Lord Clement-Jones

uin

HL74

answer

is ministerial correction

date of answer

17/06/2014

answer text

The UK's Money Laundering Regulations 2007 define Politically Exposed Persons [PEPs]. UK Members of Parliament are not currently considered PEPs for UK purposes. However, revised global standards require that they are treated as PEPs. As similar definitions apply in other jurisdictions UK Parliamentarians are likely to be considered as PEPs in other jurisdictions. We are seeking a risk-based approach to the application of this requirement in negotiating the Fourth Money Laundering Directive. Treasury Ministers have approved industry guidance which further confirms that UK Parliamentarians are not PEPs for UK purposes. Some UK banks may apply enhanced due diligence to UK Parliamentarians in accordance with their own risk appetite, and as part of global policies and procedures.

answering member printed

Lord Deighton

question first answered

17/06/2014 15:42:40

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4262

label	Biography information for Lord Deighton

tabling member

3396

label	Biography information for Lord Clement-Jones