Treasury written question – answered at on 9 May 2024.
Gregory Campbell
Shadow DUP Spokesperson (International Development), Shadow DUP Spokesperson (Cabinet Office)
To ask the Chancellor of the Exchequer, what his planned timetable is to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to differentiate between (a) domestic and (b) foreign politically exposed persons.
Bim Afolami
The Economic Secretary to the Treasury
The Government has already amended the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to distinguish between domestic and non-domestic politically exposed persons (PEPs).
The amendment came into force on 10 January 2024 and makes clear that regulated firms must apply a lower level of enhanced due diligence to domestic PEPs and family members or close associates of domestic PEPs, compared to non-domestic PEPs, unless other risk factors are present.
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