Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when the Financial Conduct Authority will publish revised guidance on politically exposed persons under the Money Laundering and Terrorist Financing (Amendment) Regulations 2023.

The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons by financial institutions, and to ensure firms improve their practices where necessary. The FCA expects that the revised guidance will be published and brought into effect in the first half of 2025.