Money Laundering: Venezuela
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of Venezuelan-origin money laundering on UK financial institutions; and what steps are being taken to help tackle it.
Answered by Lucy Rigby
The Government keeps its assessment of money laundering risks, including those linked to high‑risk jurisdictions, under regular review. The most recent UK National Risk Assessment of Money Laundering and Terrorist Financing was published in 2025.
The UK operates a robust, risk‑based anti‑money laundering regime, underpinned by the Money Laundering Regulations 2017, which applies to all illicit funds regardless of country of origin. These Regulations ensure that those sectors most at risk of being abused for money laundering have appropriate risk-based controls in place. The Financial Action Taskforce has added Venezuela to the list of jurisdictions under increased monitoring which means the UK treats Venezuela‑linked activity as higher risk. UK firms are expected to factor this into the way they conduct their compliance activity in line with these obligations.
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