Money Laundering: EU Law

Department for Business, Innovation and Skills written question – answered on 7th April 2016.

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Photo of Charles Walker Charles Walker Chair, Procedure Committee, Chair, Procedure Committee

To ask the Secretary of State for Business, Innovation and Skills, what estimate his Department has made of the number of its senior civil servants who will potentially fall under the provisions of the fourth EU Money Laundering Directive, 2015/849; and what assessment he has made of which of his Department's agencies or other public bodies will potentially be classed as holding a prominent public function for the purposes of that directive.

Photo of Anna Soubry Anna Soubry The Minister of State, Department for Business, Innovation and Skills

Holding answer received on 22 March 2016

Under the Fourth Anti-Money Laundering Directive, which will be transposed into national law by June 2017, a ‘politically exposed person’ is one ‘who is or who has been entrusted with prominent public functions’. This could potentially include some senior civil servants in the Department and its agencies or other public bodies.

The Government's view is that the Directive permits a risk-based approach to the identification of whether an individual is a politically exposed person and, when identified, the application of different degrees of enhanced measures by banks and other financial institutions to reflect the risks posed. The Government will be setting out this view in a consultation, which will be published shortly.

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