Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the proposed transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority on (a) the conveyancing system, (b) legal professional privilege, (c) the criminal justice system and d) partnership law in Scotland.
Answered by Rachel Blake
Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.
While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.
The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the dual regulatory system resulting from the proposed transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority on the level of the regulatory burden on Scottish law firms.
Answered by Rachel Blake
Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.
While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.
The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the transfer of anti-money laundering supervisory responsibilities from the Law Society of Scotland to the Financial Conduct Authority on the regulatory responsibilities of high-street law firms in Scotland.
Answered by Rachel Blake
Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.
While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.
The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.