International Financial Fraud

Baroness Kramer Excerpts

Monday 14th September 2026 Lords Chamber

[Baroness Anderson of Stoke-on-Trent (Lab)]

The noble Lord will know better than I do that FATF assesses every country, including ours. Where there are concerns, it puts in place an action plan to make sure that people are fully compliant with their commitments under the standards of FATF. Given that we are now the global president for the next two years, I would very much believe us to be fit for purpose.

[Baroness Kramer (LD)]

My Lords, stopping the money laundering means stopping the enablers. Will the Government rethink their legislation to transfer from professional bodies to the FCA the direct AML supervision of professional firms? Have they now recognised that the FCA lacks the resources and the expertise but, worst of all, that it has no capacity to provide the myriad small firms with adequate support rather than general guidance, thereby creating huge loopholes?

[Baroness Anderson of Stoke-on-Trent (Lab)]

I appreciate the noble Baroness’s expertise in this area and, while I understand her concerns, the Government do not share them. We have invested a significant amount, not least through the economic crime levy, to protect against AML, which includes an extra £110 million per annum.