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1168883

	registered interest
	date	06/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what his policy is on preventing banks in the UK being used as depositories in the laundering of state funds from other nations.
	tabling member constituency	Edinburgh North and Leith
	tabling member printed	Deidre Brock
	type	WrittenParliamentaryQuestion
	uin	408
	answer	answer is ministerial correction date of answer 14/01/2020 answer text <p><strong>H</strong>M Treasury is responsible for the Money Laundering Regulations 2017 (‘the Regulations’). The Regulations set out the high-level requirements on regulated firms to combat money laundering and ensure that key professionals identify their customers and understand the purpose behind transactions, including the source of funds. The Regulations are designed to combat illicit finance, while minimising the burden on legitimate customers.</p><p> </p><p>The Regulations require firms in scope of the regulations to have in place appropriate risk-management systems and procedures to determine whether a customer (or their beneficial owner) is a Politically Exposed Person (PEP), family member of a PEP or close associate of a PEP.</p><p> </p><p>PEPs are individuals entrusted with a prominent public function. This definition includes but is not limited to heads of state, heads of government, ministers and deputy or assistant ministers, members of parliament or of similar legislative bodies.</p><p> </p><p>PEPs can pose a high money laundering risk because they may be able to abuse their position for private gain. Not all PEPs, however, pose the same money laundering risk; there is a hierarchy depending on country of origin and rank, from middle tier officials to individuals with significant or absolute control over the levers, patronage and resources in a given area. For example, the Financial Conduct Authority’s guidance states that UK PEPs should be considered as lower risk.</p><p> </p><p>Where a firm has identified that a customer (or their beneficial owner) is a PEP, family member or close associate of a PEP, it must conduct an appropriate range of Enhanced Due Diligence (EDD) measures. When carrying out EDD on PEPs, firms must take adequate measures to establish the source of wealth and source of funds which are involved in the proposed transaction or business relationship, get approval from senior management to establish or continue a relationship with that person and carry out enhanced monitoring of the business relationship.</p> answering member constituency Salisbury answering member printed John Glen question first answered 14/01/2020 12:37:18 answering member 4051 label Biography information for John Glen
	tabling member	4417 label Biography information for Deidre Brock

1247196

	registered interest
	date	30/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of reviewing banks' compliance with money laundering regulations.
	tabling member constituency	North Down
	tabling member printed	Stephen Farry
	type	WrittenParliamentaryQuestion
	uin	109748
	answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>The UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), set out the high-level requirements on banks to combat money laundering. The Financial Conduct Authority (FCA) is the Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) supervisor for over 20,000 financial services firms in the UK and is committed to ensuring the MLRs are fully adhered to and will not hesitate to take action where they are not.</p><p> </p><p>The FCA actively investigates AML breaches in the financial sector and in recent years this has resulted in fining Commerzbank in 2020, Standard Chartered Bank £102.2 million in April 2019, Barclays over £72m in 2015 and Deutsche Bank £163m in 2017 for AML failings. The Deutsche Bank fine is the largest fine for an AML breach ever imposed by the FCA or the Financial Services Authority. The FCA also makes full use of other powers available to it under the Proceeds of Crime Act 2002.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/11/2020 08:58:51 answering member 4051 label Biography information for John Glen
	tabling member	4856 label Biography information for Stephen Farry

1422009

	registered interest
	date	10/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the extent of money laundering checks conducted by the Financial Conduct Authority on its regulated population; and whether he plans to take steps to increase capacity in that organisation.
	tabling member constituency	Hampstead and Kilburn
	tabling member printed	Tulip Siddiq
	type	WrittenParliamentaryQuestion
	uin	122762
	answer	answer is ministerial correction date of answer 25/02/2022 answer text The FCA supervises approximately 22,000 credit and financial institutions and crypto asset service providers for anti-money laundering purposes, and uses a data-led, risk-based approach to target its activity at the areas of highest risk. The FCA’s new Modular Assessment Proactive Programme (MAPP) ensures that the largest, most systemically important firms are assessed more frequently and will enable the FCA to compare the mitigation of the risk across its supervised population.<p> </p><p>The FCA actively supervises banks and other institutions and has recently imposed a number of significant penalties, including the landmark criminal prosecution of NatWest bank that saw the bank fined £264.8 million for anti-money laundering failures.</p><p> </p><p>The FCA, as an operationally independent non-governmental body, is responsible for ensuring that it is resourced appropriately to discharge its responsibilities. The FCA publicly consults on its annual budget, which is funded by levies on financial services firms. Therefore, decisions regarding its capacity are the responsibility of the FCA, and it would not be appropriate for the government to comment.</p><p> </p><p>More broadly, the FCA is part way through a significant Transformation Programme, which is accelerating an ongoing programme of reform to make the FCA a more forward-looking, proactive regulator. Amongst other things, it aims to ensure that the FCA can make fast and effective decisions, and prioritise the right outcomes for consumers, markets and firms.</p><p> </p><p>The government fully supports the Transformation Programme and I discuss the FCA’s progress at my regular meetings with the FCA Chief Executive Officer.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/02/2022 10:50:45 answering member 4051 label Biography information for John Glen
	tabling member	4518 label Biography information for Tulip Siddiq