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.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with the Scottish Government on the proposed changes required to Scottish devolved legislation for the transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct Authority.
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 discussions she has had with (a) law firms in Scotland and (b) law sector representative bodies in Scotland regarding the proposed changes to anti-money laundering supervision.
Answered by Rachel Blake
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
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 adequacy of the Financial Conduct Authority to safeguard Scottish law firm clients' interests under the proposed transfer of AML supervision from the Law Society of Scotland to the Financial Conduct Authority.
Answered by Rachel Blake
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
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 merits of ringfencing funding Financial Conduct Authority receives in fees from law firms for supervision of the legal sector.
Answered by Rachel Blake
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the resources required by the Financial Conduct Authority to perform anti-money laundering supervisory responsibilities for Scottish law firms.
Answered by Rachel Blake
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
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 adequacy of the Financial Conduct Authority to perform anti-money laundering supervisory responsibilities for Scottish law firms.
Answered by Rachel Blake
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
Asked by: Andrew Bowie (Conservative - West Aberdeenshire and Kincardine)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, with reference to Great British Energy – Nuclear's Technical Advice on Potential Future Nuclear Power Plant Siting in Scotland report, what assessment he has made of the types of reactor technology that could be deployed at the sites identified in the report.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
Great British Energy – Nuclear's (GBE N's) study of Scotland's potential for new nuclear indicates that it has land areas with high potential for future new nuclear development of all scales - microreactors, Small Modular Reactors, Advanced Modular Reactors, and gigawatt-scale reactors.
While the Scottish Government currently opposes new nuclear power stations, UK Ministers remain open to discussions regarding opportunities for new nuclear in Scotland.