My Lords, I thank the Minister for that clearly considered response and I note what he says. Certainly there is great value in having clearly on the record in Hansard that it will be very senior people who are required to be responsible. That is all to the good and I welcome that, but I am still disappointed that the Minister has not gone a bit further. He talked about the regulator having powers. That is fine, but the regulator may or may not choose to exercise those powers in a particular way. As my noble friend Lord Brennan said, if the word “must” can be used in other amendments to the Bill, why cannot it be used in this one?
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When involved in any issue, there is clearly a time when you feel that the horse you are flogging has undoubtedly been categorised as dead, and I do not think that we are going to get any further on this just now. However, very important points have been made and many of them have been committed to the record stating that anti-money-laundering is a very serious
issue. I fully acknowledge that the noble Lord, Lord Deighton, says that the coalition accepts that, but I do not understand why he is not prepared, on its behalf, to go that step further. Perhaps the FCA objected—I do not know—but clearly it is not something that we are going to achieve at this stage. On that basis and on the basis of what has been clearly spelt out, I beg leave to withdraw the amendment.