Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent steps his Department has taken to ensure the enforcement of the UK's anti-money laundering laws.

The UK has one of the strongest anti money laundering (AML) regimes in the world. The Financial Action Task Force – which sets global AML standards - concluded in December of last year that the UK has the strongest AML regime of over 60 countries assessed to date. This government is committed to combatting illicit finance, has already done more than any other to tackle the threat of money laundering, and we are building on our strengths.

The Treasury has strengthened AML supervision by creating the Office for Professional Body AML supervision (OPBAS), hosted by the FCA and operational since January 2018. OPBAS has recently completed its initial supervisory assessments of all professional body supervisors. The Treasury will continue to work closely with OPBAS to ensure that its plans and activities are effective, risk-based and implemented effectively by professional body supervisors.

The Economic Crime Strategic Board (ECSB) met for the first time in January. The Board is co-chaired by the Chancellor and the Home Secretary and consists of ministers, senior officials, heads of regulatory and law enforcement authorities, and representatives from the private sector including CEOs of major banks. The Board’s purpose is to drive the public and private sector response to economic crime, by setting strategic priorities, ensuring resources are aligned to priorities and scrutinising overall performance against the economic crime threat.

We are co-leading the wider economic crime reform programme with the Home Office, including reforming the Suspicious Activity Reports (SARs) regime.