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The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.
The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.
What cryptoassets are, how they work, their history, the benefits and risks, and UK regulation.
What cryptoassets are, how they work, their history, the benefits and risks, and UK regulation.
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the transfer of anti-money laundering supervisory responsibilities from the Law Society of Scotland to the Financial Conduct Authority on the regulatory responsibilities of high-street law firms in Scotland.
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the transfer of anti-money laundering supervisory responsibilities from the Law Society of Scotland to the Financial Conduct Authority on the regulatory responsibilities of high-street law firms in Scotland.
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.
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...
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...
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.
To ask the Chancellor of the Exchequer, what estimate she has made of the resources required by the Financial Conduct Authority to perform anti-money laundering supervisory responsibilities for Scottish law firms.
To ask the Chancellor of the Exchequer, what estimate she has made of the resources required by the Financial Conduct Authority to perform anti-money laundering supervisory responsibilities for Scottish law firms.
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.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the proposed transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority on (a) the conveyancing system, (b) legal professional privilege, (c) the criminal justice system...
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the proposed transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority on (a) the conveyancing system, (b) legal professional privilege, (c) the criminal justice system...
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.
To ask the Chancellor of the Exchequer, what discussions she has had with the Scottish Government on the proposed changes required to Scottish devolved legislation for the transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority.
To ask the Chancellor of the Exchequer, what discussions she has had with the Scottish Government on the proposed changes required to Scottish devolved legislation for the transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority.
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.
To ask the Chancellor of the Exchequer, what discussions she has had with (a) law firms in Scotland and (b) law sector representative bodies in Scotland regarding the proposed changes to anti-money laundering supervision.
To ask the Chancellor of the Exchequer, what discussions she has had with (a) law firms in Scotland and (b) law sector representative bodies in Scotland regarding the proposed changes to anti-money laundering supervision.
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.
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Financial Conduct Authority to perform anti-money laundering supervisory responsibilities for Scottish law firms.
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Financial Conduct Authority to perform anti-money laundering supervisory responsibilities for Scottish law firms.
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.
To ask His Majesty's Government, further to the Written Answer by Baroness Jones of Whitchurch on 8 May 2025 (HL6763), what progress they have made in tackling money laundering through cash-based high street businesses such as American candy stores and souvenir shops; whether they plan to legislate to introduce new...
To ask His Majesty's Government, further to the Written Answer by Baroness Jones of Whitchurch on 8 May 2025 (HL6763), what progress they have made in tackling money laundering through cash-based high street businesses such as American candy stores and souvenir shops; whether they plan to legislate to introduce new...
Tackling high street criminality is a priority for this Government. That is why, on 19 May, the Government announced a £30 million crackdown targeting cash intensive business such as candy stores and souvenir shops, over three years. This includes dedicated funding for an enhanced law enforcement response supporting the National Crime Agency, HMRC, Trading Standards and others, and the creation of a new cross-government High Street Organised Crime Unit to tackle this threat. The Unit will identify what more is needed – from stronger powers to better coordination – to respond to this criminal activity and stop it from happening in the first place.
As part of the Government’s work on this issue, the Government is currently consulting on extending the duration of Closure Orders to 12 months, to ensure that criminal businesses can be shut down for longer where appropriate.
Further details about the £30 million package can be found here: https://questions-statements.parliament.uk/written-statements/detail/2026-05-19/HCWS32
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.
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.
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.
To ask the Chancellor of the Exchequer, whether the Government intends to issue guidance under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 requiring enhanced due diligence for Hong Kong-linked transactions.
To ask the Chancellor of the Exchequer, whether the Government intends to issue guidance under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 requiring enhanced due diligence for Hong Kong-linked transactions.
I am pleased to inform the House that we have today published a consultation on banning unlicensed gambling sponsorship and advertising in sport and all other sectors. This follows our announcement in February of our intention to consult on banning such sponsorship in the sport sector.
Under current...
I am pleased to inform the House that we have today published a consultation on banning unlicensed gambling sponsorship and advertising in sport and all other sectors. This follows our announcement in February of our intention to consult on banning such sponsorship in the sport sector.
Under current...
I am repeating the following Written Ministerial Statement made today in the other place by my Noble Friend, the Minister for Museums, Heritage and Gambling and DCMS Lords Minister, Baroness Twycross:
I am pleased to inform the House that we have today published a consultation on banning unlicensed gambling...
I am repeating the following Written Ministerial Statement made today in the other place by my Noble Friend, the Minister for Museums, Heritage and Gambling and DCMS Lords Minister, Baroness Twycross:
I am pleased to inform the House that we have today published a consultation on banning unlicensed gambling...
To ask the Chancellor of the Exchequer, whether she has issued, or plans to issue, guidance to anti-money laundering supervisory authorities on the application of Regulation 47 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in relation to commercial activity connected with...
To ask the Chancellor of the Exchequer, whether she has issued, or plans to issue, guidance to anti-money laundering supervisory authorities on the application of Regulation 47 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in relation to commercial activity connected with...
The MLRs do not prescribe separate requirements on supervisors in relation to commercial activity involving particular geographic areas or territories. Regulated businesses and firms are required to consider relevant risk factors relating to customers, transactions and the countries and geographical areas in which they operate. Anti-money laundering and counter terrorist financing (AML/CTF) supervisors help businesses and firms comply with the Money Laundering Regulations (MLRs), this includes issuing relevant guidance. HM Treasury publishes an annual report on supervision activity using information requested from supervisors.
The Government keeps threats posed by money laundering and terrorist financing under review and works with supervisors, law enforcement agencies and the private sector to identify and address emerging risks. HMT and the Home Office jointly-published the latest National Risk Assessment of money laundering and terrorist financing in 2025. This is used to inform regulated businesses’ own risk assessments, along with supervisors’ risk assessments and other sources of risk information and intelligence.
To ask the Chancellor of the Exchequer, what assessment she has made of whether UK persons and regulated businesses are exposed to money laundering risks through transactions involving companies whose goods or revenues are wholly or partly generated from Israeli settlements in the Occupied Palestinian Territories and the occupied Syrian...
To ask the Chancellor of the Exchequer, what assessment she has made of whether UK persons and regulated businesses are exposed to money laundering risks through transactions involving companies whose goods or revenues are wholly or partly generated from Israeli settlements in the Occupied Palestinian Territories and the occupied Syrian...
The MLRs do not prescribe separate requirements on supervisors in relation to commercial activity involving particular geographic areas or territories. Regulated businesses and firms are required to consider relevant risk factors relating to customers, transactions and the countries and geographical areas in which they operate. Anti-money laundering and counter terrorist financing (AML/CTF) supervisors help businesses and firms comply with the Money Laundering Regulations (MLRs), this includes issuing relevant guidance. HM Treasury publishes an annual report on supervision activity using information requested from supervisors.
The Government keeps threats posed by money laundering and terrorist financing under review and works with supervisors, law enforcement agencies and the private sector to identify and address emerging risks. HMT and the Home Office jointly-published the latest National Risk Assessment of money laundering and terrorist financing in 2025. This is used to inform regulated businesses’ own risk assessments, along with supervisors’ risk assessments and other sources of risk information and intelligence.
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that anti-money laundering supervisory authorities effectively discharge their functions under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in relation to commercial activity connected with Israeli settlements in the...
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that anti-money laundering supervisory authorities effectively discharge their functions under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in relation to commercial activity connected with Israeli settlements in the...
The MLRs do not prescribe separate requirements on supervisors in relation to commercial activity involving particular geographic areas or territories. Regulated businesses and firms are required to consider relevant risk factors relating to customers, transactions and the countries and geographical areas in which they operate. Anti-money laundering and counter terrorist financing (AML/CTF) supervisors help businesses and firms comply with the Money Laundering Regulations (MLRs), this includes issuing relevant guidance. HM Treasury publishes an annual report on supervision activity using information requested from supervisors.
The Government keeps threats posed by money laundering and terrorist financing under review and works with supervisors, law enforcement agencies and the private sector to identify and address emerging risks. HMT and the Home Office jointly-published the latest National Risk Assessment of money laundering and terrorist financing in 2025. This is used to inform regulated businesses’ own risk assessments, along with supervisors’ risk assessments and other sources of risk information and intelligence.
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.
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.
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.