Supporting the instrument, the Labour Party acknowledges its importance but questions why the UK was considered a high-risk jurisdiction in recent reports and why many shell companies are based here. They urge the Government to address issues like Companies House reform, establish an overseas entities register, meet deadlines for implementing these measures, and act on recommendations from intelligence committees regarding money laundering.

Welcoming the regulations but criticising the Government's approach as reactive rather than proactive, highlighting issues such as Commonwealth countries and territories with poor records in money laundering. The SNP questions why so many companies register in places like the Cayman Islands and calls for more robust action to address these practices.

Thanked the right hon. Member for Wolverhampton South East and the hon. Member for Glenrothes for their points, introduced a new autonomous high-risk third countries list to ensure UK legislation remains up to date, addressed questions on FinCEN files, Companies House reform, and acknowledged ongoing work in this area. He emphasised that the regulations represent the UK's new approach to high-risk third countries without referencing EU legislation, ensuring alignment with international standards in the fight against money laundering and terrorist financing. The Financial Action Task Force (FATF) monitors the UK regularly and updates its list of high-risk countries up to three times a year. He highlighted recent government actions including the creation of the National Economic Crime Centre, passage of the Criminal Finances Act 2017, publication of a landmark economic crime plan in 2019, and the inclusion of Cayman Islands on the UK's list based on FATF’s publicly available statement.