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873646

registered interest
date	28/03/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering: Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether his Department plans to review money laundering regulations to take into account the effect of cryptocurrencies.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	134760
answer	answer is ministerial correction date of answer 19/04/2018 answer text <p>The Government has committed to bringing digital currencies into the scope of anti-money laundering regulation. The Government anticipates that the Fifth Anti-Money Laundering Directive will enter into force at EU-level in summer of this year, with a transposition deadline of late 2019. This will be during the Implementation Period, and so the UK will transpose this Directive. These amendments bring virtual currency exchanges and custodian wallet providers into the scope of obliged entities. We will consult on any steps the government proposes to take to regulate digital currencies under UK law.</p><p> </p><p>The Government has also recently announced the establishment of the Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority. As part of its work, the Taskforce will consider the risks of cryptoassets and the future responses of the appropriate authorities, including around anti-money laundering regulation.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2018 13:52:02 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

846232

registered interest
date	21/02/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Money Laundering: Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what progress has been made in the negotiations on the EU Anti-money Laundering Directive with regard to the regulation of the use of crypto-currencies; and what the timescale is for the conclusion of those negotiations.
tabling member constituency	Birmingham, Selly Oak
tabling member printed	Steve McCabe
uin	128911
answer	answer is ministerial correction date of answer 27/02/2018 answer text <p>Provisional political agreement was reached on amendments to the Fourth Anti-Money Laundering Directive in December 2017. They will be published at EU-level in summer of this year with Member States then having 18 months to transpose the amendments after they enter into force at EU-level. These amendments would bring virtual currency exchanges and custodian wallet providers into the scope of obliged entities. Whether we are legally required to transpose the amendments will depend on the negotiated outcome over the terms of the Implementation Period.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/02/2018 14:42:19 answering member 4051 label Biography information for John Glen
tabling member	298 label Biography information for Steve McCabe

809009

registered interest
date	18/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Money Laundering: Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether under the 4th Money Laundering Directive there are minimum transaction thresholds below which customer due diligence is not required for trade and investment in digital currencies.
tabling member constituency	Islwyn
tabling member printed	Chris Evans
uin	120118
answer	answer is ministerial correction date of answer 21/12/2017 answer text <p>The European Union's Fourth Anti Money Laundering Directive (4MLD) was implemented into UK legislation by 'The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017', which came in to force on 26 June 2017. Digital currency exchanges are not regulated for the purposes of 4MLD, so there is no requirement to undertake Customer Due Diligence for trade and investment in digital currencies at present.</p><p> </p><p>The government has however committed to bringing digital currencies into the scope of anti-money laundering and counter terrorist financing (AML/CTF) regulation. Provisional political agreement has recently been reached at EU-level to amend 4MLD to bring digital currency exchange platforms and custodian wallet providers into the AML/CTF regime.</p><p> </p><p>These amendments will require Member States to oblige these entities to conduct customer due diligence when establishing a business relationship, when carrying out occasional transactions of €15,000 or more, when carrying out a transfer of funds exceeding €1,000, where there is a suspicion of money laundering or terrorist financing, and when there are doubts about the veracity or adequacy of previously obtained customer identification data.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 21/12/2017 11:51:14 answering member 4095 label Biography information for Steve Barclay
tabling member	4040 label Biography information for Chris Evans