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Money Laundering

Volume 506: debated on Monday 22 February 2010

To ask the Chancellor of the Exchequer what reports he has received of allegations that North Korea is using Luxembourg as a channel for money laundering; and if he will request the Government of Luxembourg to investigate the allegations. (316823)

The Government are not able to comment on matters of intelligence. However the Government play a leading role in international efforts against money laundering, including the Financial Action Task Force (FATF) and the EU Committee for the Prevention of Money Laundering and Terrorist Finance.

It should also be noted that in 2009 the UK signed up to further sanctions against North Korea under UN Resolution 1874, placing restrictions on financial institutions providing services to North Korea and requiring enhanced vigilance by member states. While aimed at reducing the threat from the proliferation of weapons of mass destruction, such measures also serve to strengthen international anti-money laundering controls.