Money Laundering: Regulation

(asked on 21st June 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effectiveness of having 27 separate supervisory bodies responsible for guarding against money laundering.


Answered by
Steve Barclay Portrait
Steve Barclay
Secretary of State for Environment, Food and Rural Affairs
This question was answered on 30th June 2017

The 2015 National Risk Assessment of Money Laundering and Terrorist Financing found that the effectiveness of the supervisory regime in the UK is inconsistent and, whilst some supervisors are highly effective in some areas, there is room for improvement across the board. The National Risk Assessment is available at: https://www.gov.uk/government/publications/uk-national-risk-assessment-of-money-laundering-and-terrorist-financing

The government committed to review the regime and, in March, announced reforms to address the issues identified in the National Risk Assessment. More information on these reforms is available at: https://www.gov.uk/government/consultations/anti-money-laundering-supervisory-regime-response-and-call-for-further-information

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