Correction to Parliamentary Question HL8160: Anti-money Laundering Supervision Reform

It has been brought to my attention by officials that the Cabinet Office’s written answer to Lord Booth’s parliamentary question [HL6032] was inaccurate. Through this statement, I would like to apologise for the inaccuracy on behalf of the Department. The Department takes its responsibility to provide accurate information in response to parliamentary questions seriously.

On 5 June 2025, Lord Booth asked His Majesty’s Government the following question: “further to the written answer by Baroness Anderson of Stoke-on-Trent on 10 April [HL6032]: what estimate they have made of the annual cost of the Anti-Money Laundering Supervision Reform Body.”

On 19 June 2025, the Lords spokesperson for the Cabinet Office, Baroness Anderson, answered: “HM Treasury is responsible for assessing the potential cost of the Anti-Money Laundering Supervision Reform Body as part of their business case development. The Cabinet Office does not centrally estimate costs for departments’ proposals. The Government has conducted a full line-by-line Spending Review which covered the proposed costs of the Anti-Money Laundering Supervision Reform Body to ensure value for money is being delivered for the taxpayer.”

I now wish to correct the record by providing the following response:

“HM Treasury ran a public consultation on potential reforms to the UK’s anti-money laundering/counter-terrorist financing supervision system in 2023, which included the potential establishment of a new public Supervision Reform Body. A decision on the policy to pursue has not yet been made, meaning that no such new anti-money laundering/counter-terrorist financing Supervision Reform Body was included in the recent spending review. The Government remain committed to anti-money laundering/counter-terrorist financing supervision reform and will announce a policy in due course.”

[HCWS947]