Money Laundering

Foreign, Commonwealth and Development Office written question – answered on 12th February 2021.

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Photo of Lord Blencathra Lord Blencathra Chair, Delegated Powers and Regulatory Reform Committee, Chair, Delegated Powers and Regulatory Reform Committee

To ask Her Majesty's Government what assessment they have made of the use of Delaware-based shell companies for (1) international money laundering, and (2) financing international terrorism; and what plans they have, if any, to raise this at the next G7 summit.

Photo of Lord Ahmad of Wimbledon Lord Ahmad of Wimbledon Minister of State (Foreign, Commonwealth and Development Office)

In December 2020, the Government published the UK's third National Risk Assessment of Money Laundering and Terrorism Financing, which presents a comprehensive understanding of the risk of money laundering and the financing of terrorism through the UK. The assessment also covers the risks posed to the UK by activities in overseas jurisdictions. The UK has not conducted any assessment into Delaware specifically.

During its Presidency of the G7 this year, the UK will seek to promote action on corporate transparency, asset recovery, and the implementation of international anti-corruption standards, to build collective security, prosperity and trust in our institutions.

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