Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will hold discussions with the Financial Conduct Authority on the potential merits of launching a money laundering investigation into high street barber shops.

Money laundering through cash-based high street businesses is a known issue that government continues to focus on. While businesses such as barber shops are not regulated by the Financial Conduct Authority (FCA), they interact with regulated businesses, such as banks, who under the Money Laundering Regulations (MLRs) are required to undertake customer due diligence and to submit reports to the National Crime Agency if they suspect money laundering.

The government works closely with law enforcement and the FCA to monitor trends in criminal behaviour – and how these may relate to changes in the make-up of our high streets – to ensure resources are deployed towards the most significant threats.