Banks: Money-laundering — Question

Part of the debate – in the House of Lords at 2:58 pm on 18 December 2012.

Alert me about debates like this

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury 2:58, 18 December 2012

My Lords, on the first of my noble friend's points, I certainly agree that the banks need to get much more intelligent about this matter. I have met in the Treasury senior bankers on the retail or wealth management side of these banks to make precisely my noble friend's point: namely, that they need to be intelligent about this matter. This must not be a box-ticking exercise. I have made the same point to the chairman of the FSA. My noble friend raises a very important point.