§ Brian CotterTo ask the Chancellor of the Exchequer what assessment he has made of the impact of new money laundering regulations on small firms of(a) accountants and (b) solicitors. [159251]
§ Ruth KellyThe Money Laundering Regulations 2003, together with amending orders for the Proceeds of Crime Act 2002 and the Terrorism Act 2000, came into force from 1 March 2004.
A Regulatory Impact Assessment was placed in the House Library when the Regulations were laid, and this is also available on the Treasury website www.hm-treasury.gov.uk/media//4ADBC/fullriamlr03_80.pdf. The RIA contains details of cost estimates and changes to the draft Regulations in light of responses to the consultation undertaken, particularly with representatives of the businesses affected.
§ Mr. OatenTo ask the Chancellor of the Exchequer what steps his Department is taking to(a) raise awareness of money laundering and (b) ensure businesses are compliant with the 2003 Money Laundering Regulations. [160199]
§ Ruth KellyThe Government continues to raise awareness of money laundering and the controls needed to combat it. Examples of the work that the Government has undertaken to raise awareness include:1480W
The National Criminal Intelligence Service (NCIS) publishes an annual UK Threat Assessment, which exposes the principal threats posed in the area of financial crime.The Government have set up the Money Laundering Reporting Taskforce, which is tasked with working to improve communications with key stakeholders. including industry and consumers.Last year the Treasury, Financial Services Authority and NCIS, in partnership with industry, published an information leaflet intended to gain greater public support in combating money laundering and terrorist financing. This leaflet continues to be distributed widely through financial service providers.The Treasury expects to launch its money laundering strategy paper soon, which will outline the Government's strategy for tackling money laundering.The Assets Recovery Agency provides regular updates on the progress in recovering the proceeds of crime.The Government engaged in extensive formal and informal consultation with stakeholders over a long period of time prior to the production of the Money Laundering Regulations 2003. This included dialogue with representative bodies, such as the Law Society, The Consultative Committee of Accountancy Bodies, the Royal Institute of Chartered Surveyors and the British Casinos Association, who have regularly informed their members about the Money Laundering Regulations 2003. The Government are also aware that many of these bodies are producing guidance for their own industry on how to implement the Regulations, which they may choose to submit to the Treasury for approval.
The Government have been working with the Federation of Small Businesses and the Small Business Service to try to ensure that small businesses are aware of any implications that the Regulations may have for their business.
§ Mr. OatenTo ask the Chancellor of the Exchequer what assessment he has made of the impact of the 2003 Money Laundering Regulations on small and medium-sized businesses. [160215]
§ Ruth KellyA Regulatory Impact Assessment (RIA) was placed in the House Library when the Money Laundering Regulations 2003 were laid, and this is also available on the Treasury website see www.hm-treasury.gov.uk/media//4ADBC/fullriamlr03_80.pdf. The RIA contains details of cost estimates and changes to the draft Regulations in light of responses to the consultation undertaken, particularly with representatives of the businesses affected. The Government have been working with the Federation of Small Businesses and the Small Business Service to try to ensure that small businesses are aware of any implications that the Regulations may have for their business.
§ Mr. OatenTo ask the Chancellor of the Exchequer if he will list the businesses subject to the requirements of the 2003 Money Laundering Regulations. [160216]
§ Ruth KellyRegulation 2(2) of the Money Laundering Regulations 2003 sets out all those professions and activities that are covered by the Regulations.