New Clause 9 - Money laundering

Bank of England and Financial Services Bill [Lords] – in the House of Commons at 3:45 pm on 19th April 2016.

Alert me about debates like this

‘(1) In any regulations or orders transposing money laundering measures contained within Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 (or in relation to any subsequent EU amending or successor measure) the Secretary of State shall have a duty to ensure, insofar as such regulations relate to institutions regulated by the Financial Conduct Authority—

(a) reasonable regard and due prominence is given to—

(i) Preambular (33),

(ii) Article 13(2),

(iii) Article 15, and

(iv) Article 16 and Annex II;

(b) clarity is achieved with respect to the meaning and interpretation of “prominent public function” in the context of money laundering;

(c) reasonable regard and due prominence is given to Article 22 which recognises that a PEP may have no prominent public function; and

(d) any interpretation of “adequate” Article 20(b)(ii), and “enhanced” in Article 20(b)(iii) takes account of, and gives due prominence to, the provisions in Article 13 on risk sensitivity.

(2) The Financial Services and Markets Act 2000 is amended as follows.

(3) After Part 20A insert—