Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if her Department will provide guidance for businesses on the money laundering risks of transactions (a) directly and (b) indirectly linked to Russia.

The Treasury and the Home Office hold joint responsibility for publishing a periodic national risk assessment which sets out the money laundering and terrorist financing risks in the UK. The national risk assessment provides guidance to regulated firms by informing them of risks and the jurisdictions that these risks may come from.

The UK National Risk Assessment of Money Laundering and Terrorist Financing 2020 provided an outline of those jurisdictions assessed to be particularly relevant to the cross-border money laundering faced by the UK. This included an assessment of the money laundering risks linked to Russia.

The next UK National Risk Assessment is now underway, underpinned by a rigorous process in collaboration with law enforcement and other key stakeholders.

The UK has also issued red alerts to the financial sector and other regulated sectors on specific areas of high risk relating to Russia to inform and direct their scrutiny.