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Money Laundering: EU Law

Question for Treasury

UIN HL9581, tabled on 17 July 2018

To ask Her Majesty's Government whether the Financial Conduct Authority will have responsibility for enforcing the 5th EU Anti-Money Laundering Directive.

Answered on

31 July 2018

The Financial Conduct Authority (FCA) is already responsible for the anti-money laundering (AML) supervision of UK credit and financial institutions and certain other categories of firm specified in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

The Fifth Anti-Money Laundering Directive (5AMLD) contains measures that include bringing new categories of firm into scope of national AML regimes. The Government will consult on its approach to transposing 5AMLD in due course.

Answered by

Treasury