Question to the HM Treasury:

To ask His Majesty's Government further to the remarks by Lord Ahmad of Wimbledon on 9 February 2023 (HL Deb col 1425), whether it is their policy that the integrity of the money laundering regulations is to be prioritised over facilitating the export of armoured fighting vehicles to Ukraine under previously granted export licences.

Notwithstanding that the comments referred to were made by the previous government, this government’s policy is that the Money Laundering Regulations are a vital part of the UK’s comprehensive economic crime response and should not be a barrier to legitimate customers.

While the process of granting an export licence is thorough, it does not consider the source of funds related to the movement of relevant goods. It is therefore right that firms are required to carry out their own, risk-based due diligence when providing financial services to those engaged in the defence industry, regardless of any licences those customers may hold.