Money Laundering

Debate between Lord Agnew of Oulton and Baroness Manzoor

Thursday 13th January 2022 Lords Chamber

[Lord Agnew of Oulton (Con)]

My 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.

[Baroness Manzoor (Con)]

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?

[Lord Agnew of Oulton (Con)]

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.