The UK is a founding member and strong support of the Financial Action Taskforce (FATF), which sets global anti-money laundering and counter-terrorist financing (AML/CTF) standards. These standards are generally incorporated into UK law through the transposition of EU directives.<\/p>
<\/p>
The Fourth EU Anti-Money Laundering Directive was transposed into UK law by the Money Laundering Regulations 2017. This directive updated EU anti-money laundering policy to reflect the 2012 update to the FATF standards.<\/p>
<\/p>
The Fifth EU Anti-Money Laundering Directive (5MLD) was finalised in 2018 to further strengthen transparency and counter-terrorist legislation. The UK played a significant role in the negotiation of 5MLD and shares the objectives which it seeks to achieve on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. HM Treasury is currently running a consultation process inviting views and evidence on the steps the government proposes to take to meet the UK\u2019s expected obligation to implement 5MLD by January 2020, and expects to publish an impact assessment in due course.<\/p>
<\/p>
The Sanctions and Anti-Money Laundering Act gives the UK the powers to update its future anti-money laundering regime post EU-exit. As a leading member of the FATF, the UK will continue updating anti-money laundering policies according to international standards, ensuring the UK\u2019s AML/CTF regime is kept up to date, effective and proportionate.<\/p>
<\/p>
The Political Declaration that has been agreed with the EU contains a statement of mutual intent that the future relationship should cover money laundering and terrorist-financing.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-07-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-08T12:10:45.127Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-28", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Money Laundering: EU Action"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of UK compliance with (a) current and (b) future EU anti-money laundering policies after the UK leaves the EU.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4434", "label" : {"_value" : "Biography information for Stephen Gethins"} } , "tablingMemberConstituency" : {"_value" : "North East Fife"} , "tablingMemberPrinted" : [{"_value" : "Stephen Gethins"} ], "uin" : "270754"} , {"_about" : "http://data.parliament.uk/resources/967544", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/967544/answer", "answerText" : {"_value" : "
The Sanctions and Anti-Money Laundering Act 2018 provides the Government with the powers to amend and update anti-money laundering and counter-terrorist financing (AML/CTF) regulations post -Brexit. The Government will use these powers to continue implementing the international AML/CTF standards set by the Financial Action Task Force (FATF), and to continue strengthening the UK\u2019s AML/CTF regime.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-09-14", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-09-14T11:48:10.067Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-09-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Money Laundering: EU Action"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of whether the UK will continue to adopt new EU legislation on anti-money laundering in the event of a no-deal Brexit.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"} } , "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"} ], "uin" : "HL10027"} , {"_about" : "http://data.parliament.uk/resources/444447", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/444447/answer", "answerText" : {"_value" : "
The Fourth Anti-Money Laundering Directive (\u2018the Directive\u2019) has been agreed and was formally adopted in June 2015. Member States now have until June 2017 to transpose its requirements into national law. The Government plans to publish a consultation on transposition of the Directive by early Spring which will run for a full 12 weeks. We will consult on areas where the Directive gives us options or discretion on how we transpose its provisions as well as areas where we can improve the UK\u2019s anti-money laundering and counter-financing of terrorism regime.<\/p>
We will continue to consider any further changes to this regime in response to emerging threats.<\/p>
<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4536", "label" : {"_value" : "Biography information for Lord O'Neill of Gatley"}
}
, "answeringMemberPrinted" : {"_value" : "Lord O'Neill of Gatley"}
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, "answeringDeptShortName" : {"_value" : "Treasury"}
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, "date" : {"_value" : "2016-01-13", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Money Laundering: EU Action"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask Her Majesty\u2019s Government what progress has been made towards agreement within the EU on updating the fourth Anti-Money Laundering Directive.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/952", "label" : {"_value" : "Biography information for Lord Tebbit"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Tebbit"}
], "uin" : "HL4998"}
, {"_about" : "http://data.parliament.uk/resources/170228", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/170228/answer", "answerText" : {"_value" : "
The Government has advocated a risk-based approach to \u201cpolitically exposed persons\u201d domestically, through negotiations on the Directive.<\/strong><\/p> <\/p> In the UK, this would require treating UK PEPs, such as UK Parliamentarians, on the basis of risk when undertaking customer due diligence. Enhanced due diligence would only apply if the business relationship is assessed as high risk.<\/strong><\/p> <\/p> Political agreement between the Presidency, the European Parliament and the Commission on the Directive was reached on 16 December. We expect the Italian Presidency to provide further details shortly. <\/strong><\/p> <\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4262", "label" : {"_value" : "Biography information for Lord Deighton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Deighton"}
, "dateOfAnswer" : {"_value" : "2014-12-22", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-12-22T14:45:24.487Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2014-12-15", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Money Laundering: EU Action"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government what assessment they have made of the progress of current negotiations on the proposed 4th European Union Directive on money laundering as regards risk assessment and consequent enhanced due diligence for United Kingdom Politically Exposed Persons.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3396", "label" : {"_value" : "Biography information for Lord Clement-Jones"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Clement-Jones"}
], "uin" : "HL3724"}
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