Money Laundering: UK Parliamentarians — Question

Part of the debate – in the House of Lords at 2:50 pm on 14 October 2014.

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Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury 2:50, 14 October 2014

My noble friend is correct that the PEP definition includes close family members and business associates. I go back to the original point that it is not within the banks’ responsibility to look at every transaction of a domestic PEP; they should be assessing whether that PEP is high risk. If the PEP is not high risk, the banks should treat them like every other customer. That is where we need to focus our efforts to correct this problem.