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Written question asked by Andrew Bowie (Conservative) on Tuesday, 14 July 2026, in the House of Commons. It was due for an answer on Thursday, 16 July 2026. It was answered by Rachel Blake (Labour) on Monday, 20 July 2026 on behalf of the Treasury.

Money Laundering: Scotland

Question

To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Financial Conduct Authority to safeguard Scottish law firm clients' interests under the proposed transfer of AML supervision from the Law Society of Scotland to the Financial Conduct Authority.

Answer

The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).

The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.

Secondary information

Type
Written question
Reference
18667
Session
2026-27
Grouped for answer
Yes
Subjects
Money laundering Regulation Scotland
Link
View this Written question on www.parliament.uk