Treasury written question – answered on 13th September 2013.

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Photo of Stephen Doughty Stephen Doughty Labour, Cardiff South and Penarth

To ask the Chancellor of the Exchequer pursuant to the Prime Minister's oral statement of 9 September 2013, Official Report, column 706, on G20, if the Prime Minister will raise the issue of money transfer services and global regulation with his US and other G20 counterparts.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

The Government recognises that money service businesses play a critical role and is committed to supporting a thriving and well regulated money remittance sector.

Last month, the Government chaired a round table attended by representatives from Parliament, Government, anti-money laundering supervisors, banks, money service businesses and trade associations to discuss the impact of regulation, supervision and other important factors on money remittances.

The Government and appointed anti-money laundering supervisors maintain an ongoing dialogue on this issue with a range of stakeholders, both in the UK and internationally.

The Department for International Development has commissioned and funded independent reports to assess the impact on the money service business sector and consider solutions for Somalia in particular. The Government will consider these reports and their recommendations to formulate a way forward.

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