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Treasury: Offshore Funds

Treasury written question – answered on 13th February 2020.

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Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Chancellor of the Exchequer, whether his Department’s (a) anti-fraud and (b) anti-money laundering procedures monitor (i) payments by his Department to offshore accounts and (ii) the use of offshore accounts by his Department's (A) suppliers and (B) senior staff.

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

The Department has extensive anti-fraud and anti-money laundering procedures in making payments including verifying the identity of suppliers and staff, and the validity of payment details.

All suppliers and public office holders are expected to comply with the law as it applies to offshore banking activity.

Ministers and Civil Servants also uphold the standards of conduct as set out in the Ministerial and Civil Service Code respectively, as well as the seven principles of public life.

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