Financial Services

Treasury written question – answered on 8th May 2014.

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Photo of Stephen Doughty Stephen Doughty Opposition Whip (Commons)

To ask the Chancellor of the Exchequer, pursuant to the answer of 13 September 2013, Official Report, column 914W, on financial services, what progress has been made on the continuation of money transfer services by UK banks; what recent discussions he has had with international partners and regulators on this matter; and if he will make a statement.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

The Government are committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. The Action Group on Cross Border Remittances has been established in accordance with the written ministerial statement laid before Parliament on 10 October 2013. The Action Group includes representatives of UK banks, the private sector, anti-money laundering supervisors, civil society and international partners.

Three Action Group meetings have taken place and a number of streams of work are under way; the Action Group is monitoring changes to the market, developing guidance for money service businesses (MSBs) and banks, promoting a shared understanding of risk and developing a ‘Safer Corridor’ pilot for Somalia. We are also co-ordinating with international partners through the G20 framework.

You may wish to keep up to date with the work of the Action Group by visiting its web page:

https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-pages/enabling-the-continued-flow-of-remittances

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