Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of (a) trends in the level of displacement of UK-Iran personal remittances into unregulated channels and (b) the potential impact of visibility of those flows on law enforcement.

The UK Government plays a leading international role in addressing challenges related to remittances and financial inclusion, working through forums such as the Global Partnership for Financial Inclusion, and alongside organisations such as the Financial Action Task Force (FATF), to ensure these issues remain a focus of collective action.

At the same time, we remain committed to protecting the integrity of the UK financial system and ensuring that it is not exploited to facilitate illicit finance. The Money Laundering Regulations require regulated businesses to apply enhanced customer due diligence and enhanced ongoing transaction monitoring where there is a relationship or transaction involving a country subject to a FATF call for action, which includes Iran.