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Money Laundering: British Banks

Part of the debate – in the House of Commons at 12:34 pm on 21st March 2017.

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Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury 12:34 pm, 21st March 2017

In this alleged case, my understanding is that the bodies used were limited companies, not limited partnerships. Last year, BEIS introduced the register of people with significant control, and we will be consulting shortly on UK property-owning foreign companies. That is a step forward.

The hon. Gentleman mentioned the limited partnership consultation; I am sure that any right hon. or hon. Member who wants to write to the Secretary of State for Business, Energy and Industrial Strategy can do so. It is also appropriate to say that we are world leaders in financial regulation. The FCA does a good job, is held in high regard by the rest of the world and strikes the right balance between consumer protection and fairness.