Financial Action Task Force
Treasury
Written answers and statements, 21 July 2009
Nick Ainger (Carmarthen West & South Pembrokeshire, Labour)
To ask the Chancellor of the Exchequer what progress is being made by the Financial Action Task Force of the Organisation for Economic Co-operation and Development in its work on effective due diligence by banks and the ending of secrecy on beneficial ownership of companies and trusts; and if he will make a statement.
Sarah McCarthy-Fry (Parliamentary Secretary, HM Treasury; Portsmouth North, Labour)
The Financial Action Task Force (FATF) has issued 40+9 recommendations on the prevention of money laundering and terrorist financing. These require countries to ensure that banks conduct due diligence on their customers, and that the beneficial ownership information of companies and trusts is collected and accessible to competent authorities. The FATF is currently preparing for its fourth round of assessment of countries against the standards, which will focus on how effectively the measures work in practice.