Money Laundering

Debate between Baroness Falkner of Margravine and Baroness Williams of Trafford

Monday 19th March 2018 Lords Chamber

[Baroness Williams of Trafford]

The noble Baroness makes a fair point. We are at a relatively early point with the public register and it is constantly being checked and reviewed to ensure that the information contained within is accurate.

[Baroness Falkner of Margravine (LD)]

My Lords, the Minister will be aware of the list published on 30 January by the US Treasury of 114 officials and 19 Russian oligarchs who are being considered for sanctions regarding Russia’s various infringements against the rule of law and international order in the last seven years. The Government know that many of the people on that US Treasury list, such as Mr Abramovich and Mr Oleg Deripaska, are based in the United Kingdom, are directors of listed companies in the UK and own property and other assets in this country. Will the Government collaborate with US authorities to list the people against whom they have evidence under sanctions, bribery and other regimes, including the fit and proper person test for corporates?

[Baroness Williams of Trafford]

I am sure the noble Baroness will understand that I will not talk about individuals, but I am sure she will also appreciate that we work with other countries to share intelligence, certainly through the Criminal Finances Act and the unexplained wealth orders. Through these institutions, we will make progress on bringing these people to book who are laundering and hiding their money in the UK.