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Written question asked by Manuela Perteghella (Liberal Democrat) on Wednesday, 1 July 2026, in the House of Commons. It was due for an answer on Monday, 6 July 2026. It was answered by Rachel Blake (Labour) on Tuesday, 7 July 2026 on behalf of the Treasury.

Property: Money Laundering

Question

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of compliance with Money Laundering Regulations on individuals providing financial assistance to family members in property transactions; and whether she plans to take steps to reduce the level of administration for such individuals.

Answer

Under the Money Laundering Regulations (MLRs), businesses undertaking regulated activity, including facilitating property transactions, must establish policies, controls and procedures to mitigate the risks of money laundering and terrorist financing. These include customer due diligence (CDD) measures to verify the identity of customers and, where necessary, the source of funds involved in the transaction.

The MLRs are not prescriptive in setting out precisely how and when firms should undertake CDD. Instead, firms are required to take a proportionate approach commensurate with their assessment of the risk. Each firm will therefore have its own policies and procedures. The Government is taking steps to ensure anti-money laundering checks remain proportionate and effective, while maintaining robust safeguards against illicit finance.

Secondary information

Type
Written question
Reference
15121
Session
2026-27
Transferred
Yes
Subjects
Families Property Money laundering
Link
View this Written question on www.parliament.uk