B

Baroness Bennett of Manor Castle (GP)

Speaking in the House of Lords on 21 October 2025

Debate

Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025

Contribution

I will ask a fairly technical question, so I will entirely understand if the noble Lord wishes to write to me about it. In his response, he said that this SI avoids duplicating regulatory burdens, but he also said that the Swiss companies would be covered by our anti-money laundering laws. As I referred to in my original contribution, my understanding is that transparency is avoided under Swiss law. I do not claim to be an expert on Swiss law; obviously I am taking advice here. Article 47 of the federal Act on banks and Article 127 of the direct federal tax Act effectively allow Swiss institutions to avoid scrutiny and reporting. But we are then saying that this will have to be covered by our anti-money laundering laws. As I said, I am not expecting the noble Lord to give me a response now, but could he commit to write to me about that issue of transparency and anti-money laundering, as well as how we can avoid duplication and ensure that we have our own anti-money laundering regulations?

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