Money Laundering: China
The question
To ask the Chancellor of the Exchequer, what steps the Financial Conduct Authority is taking to address the risk of mass incorporation of shell companies linked to money laundering by Chinese organised crime networks ahead of assuming consolidated Anti Money Laundering supervision of the Trust and Company Service Providers sector.
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.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →