Money Laundering: Fines
Question
Phil Brickell
To ask the Chancellor of the Exchequer, what the total value of fines imposed by anti-money laundering supervisors in response to money laundering breaches that were (a) retained by supervisors and (b) remitted to the Exchequer for financial years 2023-2024 and 2024-25.
Answer
Lucy RigbyAnti-money laundering supervisors retain a portion of the fines they issue to cover their enforcement costs, with the remainder being remitted to the consolidated fund. Information on the total value of fines remitted to the consolidated fund, including those by anti-money laundering supervisors, can be found in HM Treasury’s annual report and accounts.
https://www.gov.uk/government/publications/hm-treasury-annual-report-and-accounts-2024-to-2025
Information on the total value of fines issued by anti-money laundering supervisors for 2023-24 can be found in HM Treasury’s annual supervision report.
The 2024-25 version of this report is due to be published later this year.
Each anti-money laundering supervisor also publishes an annual report on their accounts, including a breakdown of the fines they have issued.