Source · Select Committees · Environmental Audit Committee
Recommendation 29
29
Deferred
Paragraph: 94
Introduce legislation to bring UK financial sector businesses under the Schedule 17 regime.
Recommendation
We recommend that the Government bring forward legislation to bring businesses in the UK financial sector within the scope of the Schedule 17 regime.
Government Response Summary
The government will publish guidance on Schedule 17's application to the financial sector when secondary legislation is laid, and HM Treasury will conduct a review to assess the adequacy of current regulation and consider future changes to eliminate illegal deforestation financing.
Paragraph Reference:
94
Government Response
Deferred
HM Government
Deferred
Guidance on the application of the Schedule 17 regime to businesses in the UK financial sector will be published when secondary legislation is laid in Parliament. Furthermore, as set out in the Financial Services and Markets Act 2023, HM Treasury will conduct a review to assess the extent to which regulation of the UK financial system is adequate for the purpose of eliminating the financing of illegal deforestation, and to consider what, if any, changes to the regulatory framework may be appropriate.