PARLIAMENTARY DEBATE
Money Laundering in Retail Businesses - 21 January 2025 (Commons/Commons Chamber)

This Government are committed to tackling money laundering. Money laundering through cash-based high street businesses is a known issue, and the Treasury works closely with law enforcement agencies to monitor trends in criminality and ensure resources are deployed towards the most significant threats.

It is right that we take a robust approach to money laundering, and we have a tailored approach to cash deposit limits to reflect the differences in needs and risk profiles across businesses’ customer bases. I am committed to working with the Financial Conduct Authority and others to ensure we strike the right balance—one that allows businesses to continue their operations but also ensures that we assess the risk posed by those who might be using their businesses to launder money.

What additional support can the Government offer to Customs and Excise, local authorities and police forces in gathering supporting evidence that can then be provided to His Majesty’s Revenue and Customs? High street money launderers are brazen fronts for significant criminal enterprises.

We take this issue very seriously. The Treasury owns the money laundering regulations, but the FCA has a key role as a major supervisor, and we work very closely with the criminal enforcement agencies. Of course, those agencies are independent, but we are absolutely committed to clamping down on money laundering.