Charles Walker – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Charles Walker on 2016-04-12.

To ask Mr Chancellor of the Exchequer, with reference to recommendations 12 and 22 of the Financial Action Taskforce guidance, entitled Potentially Exposed Persons, what steps the Government has taken to provide guidance to financial institutions and Designated Non-financial Businesses and Professions on what constitutes a prominent public function for domestic and foreign politically exposed persons; and if he will make a statement.

Harriett Baldwin

In line with the Financial Action Task Force’s international standards, the Government believes that institutions should take reasonable measures to determine whether an individual qualifies as a Politically Exposed Person. The Money Laundering Regulations 2007 set out a non-exhaustive list of individuals who could be politically exposed. The FCA and the Joint Money Laundering Steering Group have published further guidance to assist the industry in identifying and banking Politically Exposed Persons.