Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how many investigations into money laundering have been initiated by the Financial Conduct Authority in each of the last five years; and how many such investigations have led to enforcement action.

The FCA/FSA has not prosecuted a case solely involving allegations of money laundering; however money laundering offences have been included on indictments in prosecutions for insider dealing and prosecutions relating to fraudulent investment scheme, in a number of cases over the past 5 years.

In addition to prosecuting offences of money laundering, the FCA also supervises how firms’ systems and controls meet their obligations under the Money Laundering Regulations and the FCA’s own handbook rules and can investigate and take enforcement action for breaches of these obligations. In the last 5 years the FSA/FCA have investigated and taken action against 8 firms for breaches of their financial crime obligations including the requirement to comply with the Money Laundering Regulations 2007 resulting in financial penalties.