§ Mr. RathboneTo ask the Secretary of State for the Home Department if he will initiate an interdepartmental review of all present legislation regarding information storage and retrieval to identify any amendment required to enable financial institutions, including building societies, legally to take actions required under other legislation to check on and to stop criminal money laundering and other criminal financial activities.
§ Mr. RyderI have been asked to reply.
No. Section 24 of the Drug Trafficking Offences Act 1986 is drafted so as to allow financial institutions to disclose to the authorities transactions which they suspect of being linked to drugs trafficking without breaching legislation regarding data storage and retrieval. I am not aware that financial institutions have experienced difficulties in this respect, but the Government have made it clear that the 1986 Act is subject to review, and if particular problems arise the necessary action will be taken.