Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to his Department's consultation entitled Reforming anti-money laundering and counter-terrorism financing supervision, published on 30 June 2023, if he will (a) make an assessment of the level of potential (i) risk to continued anti-money laundering compliance posed by each proposed model of reform and (ii) transitional risk associated with models (A) two, (B) three and (C) four of the reform proposals and (b) publish those assessments.

The evidence received from respondents to our consultation on reforming the UK’s Anti-Money Laundering and Counter-Terrorism Financing supervisory regime has been invaluable in allowing us to understand the full range of possible risks associated with each of the models that were outlined.

When we announce which policy we will be pursuing, this will be accompanied with analysis of the policy options against our criteria. This will include analysis of how much the models could improve supervisory effectiveness and how feasible they are.

We will continue work to ensure that whichever model we proceed with helps us achieve our goal of reducing economic crime in the UK.