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Written question asked by Lord Roberts of Llandudno (Liberal Democrat) on Wednesday, 25 February 2026, in the House of Lords. It was due for an answer on Wednesday, 11 March 2026. It was answered by Lord Livermore (Labour) on Thursday, 12 March 2026 on behalf of the Treasury.

Financial Services: Politically Exposed Persons

Question

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 12 February (HL14156), what assessment framework is used to assess the effectiveness of due diligence checks on politically exposed persons undertaken by financial institutions in the United Kingdom.

Answer

The FCA is responsible for overseeing compliance by financial institutions with due diligence checks on politically exposed persons. The overall effectiveness of the UK’s anti-money laundering regime is assessed on a regular basis by the Financial Action Task Force (FATF), the global body for standard setting on anti-money laundering and counter terrorist financing (AML/CFT). The methodology used by the FATF for assessments, including of the effectiveness of due diligence checks undertaken by financial institutions, is available online. [1] The next FATF assessment of the UK will take place by 2028.

[1] https://www.fatf-gafi.org/content/dam/fatf-gafi/methodology/FATF-Assessment-Methodology-2022.pdf

Secondary information

Type
Written question
Reference
HL14878
Session
2024-26
Related items
Financial Services: Politically Exposed Persons
Thursday, 12 February 2026
Written questions
House of Lords
Subjects
Financial services Politically exposed persons
Link
View this Written question on www.parliament.uk