Money Laundering: China
The question
To ask the Chancellor of the Exchequer, what assessment the Financial Conduct Authority has made of the adequacy of its current supervisory framework for identifying Trust and Corporate Service Providers that facilitate the mass incorporation of shell companies linked to money laundering by Chinese organised crime networks.
Answered by Rachel Blake
The Government takes the abuse of UK corporate structures by criminal networks extremely seriously. We are strengthening supervision of Trust and Company Service Providers by transferring responsibility to the FCA, alongside Companies House reforms to improve corporate transparency, including stronger powers to query information and new identity verification requirements.
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