Draft Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025

Katie Lam Excerpts

Tuesday 17th June 2025 General Committees

[Katie Lam (Weald of Kent) (Con)]

It is a pleasure to serve with you in the Chair this morning, Mr Twigg.

One of the most basic principles of law enforcement is that no one should escape the consequences of committing a crime, but it is right that we target the most serious offenders first so that enforcement efforts have maximum impact. It is also right that when we ask businesses to take steps to prevent crime from taking place, those steps are proportionate. We therefore support the measures in the draft order.

Raising the transaction threshold below which businesses are exempted from money laundering offences will mean that more resources can be spent on tackling the most serious examples of money laundering. Given that, as the Minister said, only 0.1% of all transactions between £1,000 and £3,000 were refused in 2024, it is right that we reduce the burden on enforcement agencies at that level.

It is also important, though, that we continue to monitor money laundering at every level. With that in mind, will the Minister please tell us what steps his Department is taking to monitor the impact of these changes on money laundering on transactions below £3,000, and when, if at all, the Government intend to review the threshold again?