Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has held discussions with the FCA following reports that a Russian-backed money launderer used an FCA regulated British fintech company to process payments and avoid financial sanctions imposed because of the war in Ukraine.

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, assesses every instance of reported non-compliance with UK financial sanctions and takes action in all cases where it concludes that a breach has occurred. OFSI works closely with the Financial Conduct Authority (FCA) in respect of the enforcement of UK financial sanctions where cases concern FCA-regulated firms. The FCA is responsible for supervising regulated firms to ensure that they maintain adequate systems and controls to mitigate the risk of breaching sanctions and facilitating evasion.