Sanctions and Anti-Money Laundering Bill [HL]

Debate between Baroness Hooper and Baroness Northover

Ping Pong (Hansard): House of Lords
Monday 21st May 2018 Lords Chamber

[Baroness Hooper (Con)]

My Lords, with all due respect to those who have spoken against the amendment, anybody listening to the arguments that have been put forward in support of my noble friend Lord Naseby’s amendment would happily follow him into the Division Lobby should he decide to test the opinion of the House. I declare a long-standing interest in the overseas territories: I am a vice-chairman of the Overseas Territories All-Party Parliamentary Group and an officer of many of those for individual overseas territories.

It seems extraordinary that these territories, which keep all the required records available to be shown to the appropriate authorities, should be required to publish them as a result of what seems to have been a last-minute decision in the other place. I had not intended to speak to the amendment, but I was tempted to do so to show my support for the overseas territories and my noble friend’s amendment.

[Baroness Northover]

My Lords, I will address the principles of this. The proposal was narrowly defeated in the Lords and has been debated for many years. Personally, I was delighted by the coalition across the parties in the Commons on this issue and I commend the Government on recognising that coalition. I especially commend the noble Baroness, Lady Stern, my noble friends Lady Kramer and Lord McNally, and others on their long fight on this issue. The transparency of public registers of beneficial ownership is the key issue and it will bring change. I have seen the positive effect of the unexpected spotlight provided, for example, by the Panama papers in some of the areas on which I focus in Africa. I have seen steady change and I welcome the decision to adopt public registers of beneficial ownership in the United Kingdom. London has not collapsed: Brexit may do more damage. I have seen the effect that bribery legislation in the United States, Europe and elsewhere has had on companies trading around the world and I have seen the change as a result, which we will see here too.

I recall some saying that the Bribery Act would differentially damage UK business. Ken Clarke saw those people off and rightly so. The noble Lord, Lord Naseby, did his right honourable friend Andrew Mitchell a disservice: he worked for many years in banking and spent many years supporting international development, so he does know both sides. Therefore our position is that we do not support the amendment of the noble Lord, Lord Naseby, for the reasons I have given of that change occurring across the world over time: it is very beneficial and if the overseas territories are concerned about losing that business then it is probably, as the noble Lord, Lord Anderson, indicated, business that they should not wish to have.