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64622

registered interest
date	30/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Money Laundering
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Deighton on 17 June (WA 42), whether the current industry guidance, which has been approved by Treasury Ministers, has yet been issued; whether a risk-based approach under the Fourth Money Laundering Directive means that in the United Kingdom, United Kingdom parliamentarians will be treated as politically exposed persons; and, if so, whether the industry guidance will need to be revised.
tabling member printed	Lord Clement-Jones
uin	HL705
answer	answer is ministerial correction date of answer 10/07/2014 answer text <p>A range of industry anti-money laundering guidance has been issued by bodies such as the Joint Money Laundering Steering Group (JMLSG). The last major revision of the JMLSG guidance was in 2011 although some detailed changes were made in 2013 and 2014. This material is published on the JMLSG website - <a href="http://www.jmlsg.org.uk/" target="_blank">http://www.jmlsg.org.uk/</a></p><p> </p><p>Discussions of the proposed Fourth Money Laundering Directive are continuing. The expectation is that in accordance with the updated global standards adopted by the Financial Action Task Force, domestic Politically Exposed Persons, including UK Parliamentarians may, on a risk-based assessment, be subject to enhanced due diligence.</p><p> </p><p> </p><p>The Treasury expects that if the Directive is adopted and transposed into UK law, UK anti-money laundering guidance will need to be revised.</p> answering member printed Lord Deighton question first answered 10/07/2014 14:32:58 answering member 4262 label Biography information for Lord Deighton
tabling member	3396 label Biography information for Lord Clement-Jones

57601

registered interest
date	04/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Money Laundering
house id	2
legislature	25277 pref label House of Lords
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	answer is ministerial correction date of answer 17/06/2014 answer text <p>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.</p><p> </p><p>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.</p><p> </p><p> </p><p>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.</p> answering member printed Lord Deighton question first answered 17/06/2014 15:42:40 answering member 4262 label Biography information for Lord Deighton
tabling member	3396 label Biography information for Lord Clement-Jones