Grant Shapps – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Grant Shapps on 2016-10-14.

To ask Mr Chancellor of the Exchequer, if he will make an assessment of the dangers of money laundering being undertaken by means of anonymous online crowdfunding investment platforms.

Simon Kirby

All crowdfunding platforms fall within the FCA’s definition of regulated investments and are therefore subject to FCA rules. These rules require companies to maintain effective systems and controls to address the risk that they might be exploited by criminals. Where a firm’s systems and controls are not adequate, the FCA can and does take enforcement action.