Money Laundering: Scotland — Written Question

Question

Andrew Bowie

Conservative — West Aberdeenshire and Kincardine

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the dual regulatory system resulting from the proposed transfer of anti-money laundering supervision from the Law Society of Scotland to the Financial Conduct

Answer

Rachel Blake

Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet...

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