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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 potential impact of the dual regulatory system resulting from the proposed transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority on the level of the regulatory burden on Scottish law firms.

Answer

Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.

While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.

The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.

Secondary information

Type
Written question
Reference
18672
Session
2026-27
Grouped for answer
Yes
Subjects
Money laundering Regulation Scotland
Link
View this Written question on www.parliament.uk