§ Mr. RathboneTo ask the Chancellor of the Exchequer if he will make a statement on progress of the Treasury working group on possible money laundering through casinos, bullion dealers, bureaux de change and through the legal and accountancy professions.
§ Mr. MaplesPriority is currently being given to measures to combat money laundering in the banking, insurance and financial services sectors. However, together with other interested Departments, we are examining the scope for tightening up procedures elsewhere. Consultations are proceeding with the law enforcement agencies on which other activities and professions are the most susceptible to being used for money laundering and we shall then begin discussions with the relevant representative bodies.
§ Mr. RathboneTo ask the Chancellor of the Exchequer if he will make a statement on section 39 reviews by the Bank of England on money laundering.
§ Mr. MaplesAll institutions authorised under the Banking Act are expected to be able to demonstrate that they maintain adequate policies, records and systems to counter money laundering. The Bank of England notified these institutions in November 1989 that a review of24W control systems and accounting records in money laundering-related areas may form part of the report requested under section 39 of the Banking Act and a number of such reviews have been commissioned or have taken place.