To ask Mr Chancellor of the Exchequer, what steps the Government plans to take to ensure continued cooperation with EU member states to prevent money laundering after the UK leaves the EU.
Answered on
8 September 2016
Money laundering is a global problem that can undermine the integrity and stability of our financial markets and institutions. The UK was a founding member of the Financial Action Task Force (FATF) which sets the global standards to combat money laundering and terrorist financing, and the EU Commission and a majority of EU Member States are also FATF members. The UK will continue to play a leading role in tackling illicit financial flows through working with the FATF to ensure that standards are implemented effectively and through engaging bilaterally with countries on operational issues.