Economic Crime and Corporate Transparency Bill

Debate between Baroness Altmann and Lord Fox

Report stage
Tuesday 27th June 2023 Lords Chamber

[Baroness Altmann (Con)]

My Lords, briefly, I congratulate the Government on bringing forward the amendments; they will enhance the operation of the Bill. However, while we debate what could cover so-called crypto assets, I want to put on record my concern that by calling them “assets” and by not banning them from conventional financial markets we are potentially encouraging economic actors and criminals who demand payment in these untraceable types of so-called money. There is a danger to both our financial system and society if we continue to try to suggest that they are, in any way, conventional media of exchange.

[Lord Fox (LD)]

My Lords, I reflect back the point made at the beginning by the Minister—in fact, made in triplicate—that this has been a co-operative approach. In fact, I was one of the people who raised the issue of crypto assets at the beginning. There was good consultation with the team involved, and the Government brought forward a number of amendments in Committee and on Report.

As the Minister acknowledged, the issue is going to have to be flexibility going forward, and the ability to make changes and to understand how criminals are using crypto assets and other assets to commit fraud will be very important. Having the ability to come back to Parliament and make those changes will be key to the success of this Bill. In that respect, anything that improves flexibility, as I think these amendments do, will be very helpful.

Economic Crime and Corporate Transparency Bill

Debate between Baroness Altmann and Lord Fox

Committee stage
Tuesday 9th May 2023 Grand Committee

[Baroness Altmann (Con)]

I thank my noble friend for giving way. I realise that he is in a somewhat difficult position, but I add my encouragement to him to discuss with colleagues the possible amendments that we have laid—

[Lord Fox (LD)]

Amendment 85.

[Baroness Altmann (Con)]

Yes, Amendment 85 would allow seizure of assets with a view, one hopes, eventually to being able to use them to reconstruct Ukraine in this case, but for other purposes as well. It would be an ideal way to pave the way for this to happen.

Economic Crime and Corporate Transparency Bill

Debate between Baroness Altmann and Lord Fox

Committee stage
Tuesday 25th April 2023 Grand Committee

[Baroness Altmann (Con)]

My Lords, I support my noble friend’s amendment. I understand that the Government may have concerns about accepting it, but he made a very powerful case for trying to find a way to deal with an underresourced investigation procedure, perhaps by prioritising by frequency of the same company or individual under suspicion for their activity, the amounts of money available or certain countries that may be involved. There must be a way of prioritising the investigation of suspicious activity reporting, because I am certainly aware that some such activity is raised in what most people might consider relatively minor cases—but, of course, the banks need to take the issue seriously and report if they have suspicions. I would welcome the Minister’s comments and thoughts on the proposals of my noble friend Lord Agnew, but I also thank the Government for their amendments.

[Lord Fox (LD)]

My Lords, I thank the Minister for a clear exposition of the government amendments. I do not think I can find anything to get upset about over them—disappointingly, as I always like to get upset about the Government.

I should like to add a little, perhaps over-philosophically, on the amendment of the noble Lord, Lord Agnew. There is actionable information and there is noise, and 900,000 submissions sounds like noise, not actionable information. The noble Lord set out manfully how to try to make that noise actionable, but my sense is that you have to go back to what a SAR is. My understanding —I am looking at the noble Lord, Lord Leigh, as I consider him the expert on these things—is that they are a self-reported classification. I wonder how this would help because, clearly, the risk register would drive behaviour and people would self-report under a different classification. I wonder whether, overall—perhaps the Minister can help here—how much SARs ever help in dealing with the proceeds of crime. In other words, when is this information useful, how is it useful and in what circumstances do the Government feel it is essential to know it? Starting from that position, we might have a better idea of how we sift the noise to make it more valuable, because it strikes me that the noble Lord, Lord Agnew, absolutely hits on the problem. I am not 100% convinced he hits on the solution, but we need a solution, so some dialogue between the noble Lord, the Government and others to come up with a plan would be very helpful.