Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the leak of documents from the US Treasury's Financial Crimes Enforcement Network in September 2020.

The UK is internationally recognised as having some of the strongest controls worldwide for tackling money laundering and terrorist financing. The allegations contained within the leak of documents are largely historic, and in recent years, the Government has taken a number of actions to strengthen the UK’s response to financial crime.

In 2019, the government published the landmark Economic Crime Plan, which brought together the government, law enforcement and the private sector in closer cooperation than ever before to deliver a whole system response to economic crime.

This year, the government has also completed the transposition of the Fifth Anti-Money Laundering Directive into domestic law. This helps to ensure the UK’s AML/CTF regime remains comprehensive, responsive to emerging threats, and in line with evolving international standards set by the Financial Action Task Force.

However, we recognise that there is more to be done and are committed to continuing to build on the progress made so far, as we lead the global fight against illicit financial flows.