Member

Amendment 64A seeks to expand the power to make regulations providing for co-operation and information sharing to cover the FCA, Ofcom, the National Crime Agency, the National Economic Crime Centre and other law enforcement agencies. The Government fully recognise the importance of effective co-operation across the UK’s economic crime framework. AML/CTF supervision relies on close co-ordination between supervisors, law enforcement agencies and other parties responsible for tackling illicit finance. The money laundering regulations—the relevant secondary legislation in this place—already provide for extensive information-sharing powers between AML/CTF supervisors, including the FCA, the Treasury, law enforcement agencies and Companies House. These powers may be used to tackle money laundering or terrorist financing, to preserve the integrity of the international financial system for law enforcement purposes or otherwise to fulfil the relevant bodies’ regulatory functions under the money laundering regulations.