Correction to the Anti-Money Laundering Supervision Reform - PQ HL8160

It has been brought to my attention by officials that the Cabinet Office's written answer to Lord Booth's Parliamentary Question (HL6032) was inaccurate. Through this statement, I would like to apologise for the inaccuracy on behalf of the department. The department takes its responsibility to provide accurate information in response to Parliamentary Questions seriously.

On 5 June 2025, Lord Booth asked His Majesty's Government the following question: "further to the Written Answer by Baroness Anderson of Stoke-on-Trent on 10 April (HL6032): what estimate they have made of the annual cost of the Anti-Money Laundering Supervision Reform Body."

On 19 June 2025, the Lords Spokesperson for the Cabinet Office, Baroness Anderson, answered: "HM Treasury is responsible for assessing the potential cost of the Anti-Money Laundering Supervision Reform Body as part of their business case development. The Cabinet Office does not centrally estimate costs for departments’ proposals. The Government has conducted a full line-by-line Spending Review which covered the proposed costs of the Anti-Money Laundering Supervision Reform Body to ensure value for money is being delivered for the taxpayer."

I now wish to correct the record by providing the following response:

"HM Treasury ran a public consultation on potential reforms to the UK's Anti-Money Laundering / Counter-Terrorist Financing supervision system in 2023, which included the potential establishment of a new public Supervision Reform Body. A decision on the policy to pursue has not yet been made, meaning no such new Anti-Money Laundering / Counter-Terrorist Financing Supervision Reform Body was included in the recent Spending Review. The Government remains committed to Anti-Money Laundering / Counter-Terrorist Financing supervision reform and will announce a policy in due course."