Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much has been raised through the Economic Crime (Anti-Money Laundering) Levy since its implementation; and what estimate his Department made of the amount that would be raised prior to its implementation.
Answered by Bim Afolami
The Economic Crime Levy raised £92 million in its first year of collection (2022/23). As the Levy is collected a year in arrears, the total Levy revenue for financial year 2023/24 has not yet been confirmed.
Prior to the Levy’s implementation, the Office for Budgetary Responsibility (OBR) forecast that the Levy would raise £100m/year. This can be found on the OBR’s website under ‘supplementary fiscal tables: receipts and other’ - https://obr.uk/efo/economic-and-fiscal-outlook-march-2022/.
At Spring Budget 2024, the Chancellor increased the Levy fee for firms with revenue greater than £1 billion, to ensure we can continue to sustainably fund the government’s commitments to tackle economic crime.
Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral contribution of the Minister of State, Foreign, Commonwealth and Development Office, during the debate on Countering Iran’s Hostile Activities of 8 May 2024, Official Report, column 353WH, whether his Department has written to the Financial Conduct Authority on the operations of (a) Bank Melli and (b) Saderat Bank in the UK.
Answered by Bim Afolami
The Office of Financial Sanctions Implementation (OFSI) maintains a close working relationship with the Financial Conduct Authority (FCA). OFSI signed a memorandum of understanding (MoU) with the FCA in November 2023, for the purpose of sharing information and intelligence.
The two banks referenced in this question, Bank Melli and Saderat Bank, are not currently designated under UK sanctions regulations.
Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many individuals have been convicted for breaches of the Money Laundering Regulations in each of the last five years.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
The majority of businesses supervised by HMRC are compliant and play an important role in our financial system.
Those who fail to comply with the Money Laundering Regulations leave themselves, and the UK economy, open to attacks by criminals. HMRC takes a robust approach to non-compliance and uses a wide range of measures to tackle those who breach the regulations, including civil penalties as well as criminal prosecutions.
HMRC does not publish the data of the number of prosecutions under the Money Laundering Regulations but details of other supervisory sanctions applied can be found at https://www.gov.uk/government/publications/businesses-not-complying-with-money-laundering-regulations-in-2018-to-2019/businesses-that-have-not-complied-with-the-regulations-2023-to-2024
Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the HMRC registration is for the trust or company service provider that provides a company registered address for 115 live UK companies at 19 Brignall Moor Crescent, Darlington, United Kingdom DL1 4SQ.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC’s register of Trust or Company Service Providers (TCSPs) does not show any TCSPs with any of those registered office addresses; and none of the TCSPs supervised by HMRC lists the addresses as business premises. HMRC supervises only those TCSPs which are not supervised by a professional body supervisor or the Financial Conduct Authority.Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the HMRC registration is for the trust or company service provider that provides a company registered address for 97 live UK companies at 8 Gertrude Street, Grimsby, United Kingdom DN32 0JN.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC’s register of Trust or Company Service Providers (TCSPs) does not show any TCSPs with any of those registered office addresses; and none of the TCSPs supervised by HMRC lists the addresses as business premises. HMRC supervises only those TCSPs which are not supervised by a professional body supervisor or the Financial Conduct Authority.Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the HMRC registration is for the trust or company service provider that provides a company registered address for 113 live UK companies at 1 Wembley Avenue, Blackpool, United Kingdom FY3 7DU.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC’s register of Trust or Company Service Providers (TCSPs) does not show any TCSPs with any of those registered office addresses; and none of the TCSPs supervised by HMRC lists the addresses as business premises. HMRC supervises only those TCSPs which are not supervised by a professional body supervisor or the Financial Conduct Authority.Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the HMRC registration is for the trust or company service provider that provides a company registered address for 113 live UK companies at 1 Wembley Avenue, Blackpool, United Kingdom FY3 7DU.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC’s register of Trust or Company Service Providers (TCSPs) does not show any TCSPs with any of those registered office addresses; and none of the TCSPs supervised by HMRC lists the addresses as business premises. HMRC supervises only those TCSPs which are not supervised by a professional body supervisor or the Financial Conduct Authority.Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the HMRC registration is for the trust or company service provider that provides a company registered address for 95 companies at Flat 5, 6 Ladock Green, Dorchester, DT1 3AU.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC’s register of Trust or Company Service Providers (TCSPs) does not show any TCSPs with any of those registered office addresses; and none of the TCSPs supervised by HMRC lists the addresses as business premises. HMRC supervises only those TCSPs which are not supervised by a professional body supervisor or the Financial Conduct Authority.Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the HMRC registration is for the Trust or company service provider that provides a company registered address for 149 live UK companies at Office 1 16 Beck Road, Leeds, United Kingdom LS8 4EJ.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC’s register of Trust or Company Service Providers (TCSPs) does not show any TSCPs with that registered office address; and none of the TCSPs supervised by HMRC lists the address as business premises. HMRC supervises only those TCSPs which are not supervised by a professional body supervisor or the Financial Conduct Authority
Asked by: Baroness Hodge of Barking (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when HM Revenue and Customs plans to calculate and publish a new standalone offshore tax gap.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
An estimate of the annual offshore tax gap for individuals in Self Assessment will be published alongside HMRC’s measuring tax gaps statistics ‘Measuring tax gaps 2024 edition’ scheduled for 20 June 2024.