To ask Mr Chancellor of the Exchequer, what recent progress has been made on enabling the continuation of money transfer abroad from UK financial institutions; and if he will make a statement.
9 June 2014
The UK Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. The progress of the Action Group on Cross Border Remittances is on track and the group is next due to meet on 27 June 2014. Further information on the Action Group, including future meeting dates can be found on the group's web page: https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-pages/enabling-the-continued-flow-of-remittances
A key output of the group is improved guidance, both for financial institutions which provide banking facilities for MSBs and for MSBs themselves on how to comply with their anti-money laundering and counter financing of terrorism obligations. These two key pieces of guidance were endorsed by the Action Group in its most recent meeting and are subject to normal approval processes.
The UK Government is liaising closely with the Somali Government on activity underway to ensure the continued flow of remittances from the UK to Somalia. The Ambassador of Somalia to the UK (or his representative) has attended all of the Advisory Group Meetings for the UK-Somali Safer Corridor. Officials from the Foreign and Commonwealth Office, the Department for International Development and World Bank have also held bilateral meetings with the Ambassador.