Money Laundering: South Sudan

Treasury written question – answered on 4th November 2019.

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Photo of Catherine West Catherine West Labour, Hornsey and Wood Green

To ask the Chancellor of the Exchequer, if he will make it his policy to issue a public advisory to UK financial institutions investing in South Sudan of the risk of money laundering in relation to South Sudanese politically-exposed persons.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government is committed to supporting an end to the conflict in South Sudan, including through stemming illicit financial flows which drive destabilisation and conflict in the region. The Government will continue to assess potential additional measures aimed at stemming illicit financial flows from South Sudan in order to support the peace process. The Government’s Money Laundering Regulations 2017 require financial institutions to apply enhanced due diligence measures commensurate with money laundering risks with regard to new or ongoing business. This includes, where appropriate, consideration of relevant factors such as jurisdictional risk and the involvement of politically exposed persons.

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