Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether his Department has identified those business sectors in which money laundering occurs most frequently.

The UK’s second National Risk Assessment of money laundering and terrorist financing was published jointly by HM Treasury and the Home Office in October 2017, following the first National Risk Assessment in 2015. These publications provided comprehensive assessments of the money laundering and terrorist financing risks that the UK faces, across all regulated sectors.

The National Risk Assessment advises on which services or products criminal groups are currently exploiting, enabling organisations to strengthen their efforts to protect themselves from these threats. The Assessment found that high end money laundering, the criminal exploitation of services provided by banks and professional groups such as lawyers and accountants, and cash-based money laundering remain the greatest areas of money laundering risk to the UK.