Baroness Manzoor
Main Page: Baroness Manzoor (Conservative - Life peer)Department Debates - View all Baroness Manzoor's debates with the Cabinet Office
(2 years, 9 months ago)
Lords ChamberMy Lords, as I am sure the noble Lord will be aware, the City of London is one of the largest financial centres in the world and therefore the flows of money going through our economy, particularly in the City, are enormous. However, we lead the world in our attempts to reduce bad activity. I refer the noble Lord to the Economic Crime Plan, which lists some 48 action points to tackle the whole spectrum of money laundering and financial crime. We are in good shape in implementing those, and we are committed to an economic crime plan 2.0 that will be announced this autumn.
My Lords, to take us back to the question on resources, there is some evidence that where banks refer cases to the police, such cases are not high on their agenda. Do the police have sufficient resources to tackle this crime and to investigate it thoroughly?
My Lords, we have the National Crime Agency as the main crimefighting force in anti-money laundering. It is an extremely effective organisation, and it is well funded. Of course, one could always say that more money is needed, but I can assure my noble friend that we believe that we have adequate resources.