Money Laundering
The question
To ask the Chancellor of the Exchequer, what discussions she has had with the Financial Conduct Authority on the adequacy of its money laundering risk management policies.
Answered by Emma Reynolds
The government meets regularly with the Financial Conduct Authority (FCA) to discuss a range of topics. The FCA is required under the Money Laundering Regulations (MLRs) to assess the risks of money laundering for the businesses it supervises for compliance with the MLRs; to maintain risk profiles for these businesses; and to take a risk-based approach to supervision. The Treasury collects a range of information from the FCA to evaluate its approach to managing money laundering risk and publishes it as part of the annual report on anti-money laundering and counter-terrorist financing supervision. The latest annual report is available here: https://www.gov.uk/government/publications/anti-money-laundering-and-countering-the-financing-of-terrorism-supervision-report-2023-24
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