Contributions
2,217 recent contributions in Hansard
HANSARDFinancial Services and Markets BillI am sure we all would. The noble Baroness, Lady Bowles, asked me to set out in writing the position of the Financial Action Task Force in terms of the requirements for foreign…13 Mar 2023HANSARDFinancial Services and Markets BillI am sure that many of us in this Committee would do so—13 Mar 2023HANSARDFinancial Services and Markets BillThe Government believe that the decision about the scope of the money laundering regulations is best taken by, and should remain with, the Government, rather than being delegated…13 Mar 2023HANSARDFinancial Services and Markets BillI am very happy to clarify for the Committee and anyone who may be reading our proceedings, that we, due to our positions of influence, are at greater risk of being targeted by…13 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, to deal with the question of the risk assessment undertaken as part of this work, as I have already said, the Government have engaged closely with law enforcement and…13 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, although I have not been following the detail of that Bill, I am aware of the provisions in it. As part of looking at this question, one question asked is, in our…13 Mar 2023HANSARDFinancial Services and Markets BillI believe that it aimed to get relevant information from all those involved and take a holistic view. I appreciate and agree that we need to ensure that, when these measures are…13 Mar 2023HANSARDFinancial Services and Markets BillI do not think that would be consistent with the Financial Action Task Force guidance that is interpreted at a UK level.13 Mar 2023HANSARDFinancial Services and Markets BillOkay—I was going to talk about the engagement that we have conducted so far and will continue. My noble friend Lord Trenchard touched on my noble friend Lord Forsyth’s Amendment…13 Mar 2023HANSARDFinancial Services and Markets BillThat is a question of who is classed as a domestic PEP, not of the need to have a regime in place to identify domestic PEPs and then look at what enhanced due diligence measures…13 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, I have already set out for the Committee, and I repeat now, the reasons why UK domestic PEPs may be at greater risk of money laundering. For example, in the general…13 Mar 2023HANSARDFinancial Services and Markets BillOthers are involved in looking at the risks of money laundering in counterterrorist and proliferation financing, which I believe are subject to these regulations.13 Mar 2023HANSARDFinancial Services and Markets BillThe noble Lord is absolutely right to say that. This Government are committed to do that with the regulator. I understand this Committee’s desire to look at legislative change,…13 Mar 2023HANSARDFinancial Services and Markets BillI appreciate that it will not be the right route of recourse in many circumstances, but I do not agree that it is never the right form of recourse for people. It is important for…13 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, the Government agree that, where there are wider implications, it is critical that the bodies within the financial services regulatory framework, including the FCA and…13 Mar 2023HANSARDFinancial Services and Markets BillI will have to write to the Committee to clarify the timescale for the noble Baroness.13 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, I recognise the keen interest across this Committee in the provisions in the Bill to tackle financial crime and fraud more generally, and, in this group of amendments,…13 Mar 2023HANSARDFinancial Services and Markets BillI apologise to the noble Lord; I did have an answer for him on that. The Bill is clear that the Payment Systems Regulator has the duty to act on mandatory reimbursement. The PSR…13 Mar 2023HANSARDFinancial Services and Markets BillI absolutely take that point. It comes back to the appropriate and proportionate enforcement of these regulations. I know that that is something noble Lords have raised…13 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, the Government have a lot of sympathy with noble Lords who feel that they or their families have been subject to unreasonable treatment due to their status as…13 Mar 2023