House of Lords: Politically Exposed Persons
Debate between Viscount Younger of Leckie and Baroness Quin
Baroness Quin (Lab)
My Lords, I support the points made by previous questioners. I seek an assurance from the Minister that banks will not pass on information that they acquire in this way for marketing and other purposes. That is not acceptable. What contact have the Government had with other countries? I understand that some countries provide much more of a light touch, particularly on public representatives who have never previously given rise to suspicion and who fill in their tax returns and fulfil their obligations generally.
Viscount Younger of Leckie (Con)
Indeed. We are a strong member of the Financial Action Task Force, so we are in touch with other countries about what they do. As I said earlier, we have one of the strongest regimes, but it is up to us in the UK, particularly now that we have left the EU, to review how we operate. By the way, the noble Baroness will know that we are undertaking a review on the anti-money laundering regulations, which will report in June 2022.