Sanctions and Anti-Money Laundering Bill [Lords]

Debate between Boris Johnson and Margaret Hodge

2nd reading: House of Commons
Tuesday 20th February 2018 Commons Chamber

[Boris Johnson]

I am grateful to my hon. Friend for that intervention—I was referring to real estate. As I am sure he knows, the proposal has the same intention as the tax on enveloped dwellings that was introduced by the former Chancellor of the Exchequer, which has proved, to the best of my knowledge, to be extremely lucrative for the Exchequer.

[Dame Margaret Hodge (Barking) (Lab)]

Given the Secretary of State’s commitment to the EU’s action on money laundering, is he saying that the Government will implement the fifth EU anti-money laundering directive, which requires that we all have public registers of beneficial ownership by the end of 2019?

[Boris Johnson]

As the right hon. Lady will be aware, the UK is already out in front of the rest of the world in insisting on public registry of beneficial ownership, irrespective of the implementation of the fifth EU anti-money laundering directive. As I will explain to the House, we already ask the overseas territories to do far more than other jurisdictions that offer financial services advantages.

[Dame Margaret Hodge]

I would be most grateful if the Secretary of State would give way again.

[Boris Johnson]

Oh, go on.

--- Later in debate ---

[Dame Margaret Hodge]

I am extremely grateful to the Secretary of State. The reason I asked the question is that the EU’s anti-money laundering directive would have an impact on the UK and Gibraltar. I am interested in whether the Foreign Secretary will implement the directive, given that implementation is required by 2019.

[Boris Johnson]

I do not know the exact stage of the directive at the moment. To the best of my knowledge, we are in the process of implementing it. It should creep in under the wire and will, I hope, have the beneficial effect that the right hon. Lady desires.