Home Affairs Committee examine the issue of money laundering
30 October 2012
In the final evidence session of the Drugs Policy inquiry, the Committee examines the issue of money laundering with the Financial Services Authority.
The inquiry, which has received numerous written evidence submissions from organisations and members of the public, is intended to be a comprehensive review of drugs policy.
Witnesses
Tuesday 30 October 2012, 3.45pm
Venue: Grimond Room, Portcullis House
Lord Adair Turner of Ecchinswell, Chairman, Financial Services Authority
- Tracey McDermott, Director, Enforcement and Financial Crime Division, Financial Services Authority
Chair's comments
Committee Chair Rt Hon Keith Vaz MP said:
"The global illicit drugs trade is estimated to be worth £235 billion, the majority of which is laundered through legitimate financial institutions. London is one of the world's most important financial centres and the UK has a vital role to play in ensuring that profits of the illegal drugs trade do not enter the financial system. In this session we will explore the role of the Financial Services Authority in regulating our banks."