Question to the HM Treasury:
To ask Her Majesty’s Government what assessment they have made of the progress of current negotiations on the proposed 4th European Union Directive on money laundering as regards risk assessment and consequent enhanced due diligence for United Kingdom Politically Exposed Persons.
The Government has advocated a risk-based approach to “politically exposed persons” domestically, through negotiations on the Directive.
In the UK, this would require treating UK PEPs, such as UK Parliamentarians, on the basis of risk when undertaking customer due diligence. Enhanced due diligence would only apply if the business relationship is assessed as high risk.
Political agreement between the Presidency, the European Parliament and the Commission on the Directive was reached on 16 December. We expect the Italian Presidency to provide further details shortly.