§ Harry CohenTo ask the Chancellor of the Exchequer what measures the Government are taking in response to the allegations of money laundering by General Abacha, relating to the use of banks for which the UK has responsibility; and if he will make a statement. [9124]
§ Ruth KellyFollowing the Divisional Court's ruling of 18 October, the SFO will be able to provide evidence answering the Nigerian and Swiss requests for assistance.
An FSA task force is now monitoring seven banks' actions to remedy inadequate money laundering controls. Under the Financial Services and Markets Act the FSA will have wider powers to disclose information and to prosecute breaches of the money laundering regulations.
The Proceeds of Crime Bill, introduced on 18 November, will further strengthen the UK's anti-money laundering defences.