Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department plans to review thresholds for mandatory reporting of large cash withdrawals or transfers by banks under anti-money laundering regulations.

The government recognises the importance of minimising administrative friction around payments for people, banks, and businesses, while maintaining strong safeguards against the growing threat to the economy from money laundering and economic crime. The department keeps the Money Laundering Regulations (MLRs) under regular review, and the MLRs require banks to take a proportionate approach commensurate with their assessment of the risk. The MLRs are being amended in a forthcoming Statutory Instrument, with various changes intended to reduce unnecessary checks on legitimate transactions while maintaining robust controls targeted at higher-risk activity; policy development is ongoing and next steps will be set out in due course.