Money Laundering

Debate between Lord Agnew of Oulton and Lord Jones of Cheltenham

Thursday 13th January 2022 Lords Chamber

[The Lord Privy Seal (Baroness Evans of Bowes Park) (Con)]

My Lords, it is the turn of the Liberal Democrats. The noble Lord, Lord Jones of Cheltenham, wishes to speak virtually. I think this is a convenient point to call him.

[Lord Jones of Cheltenham (LD) [V]]

My Lords, the Royal United Services Institute suggests that the scale of money laundering in the UK is “too big to measure”. Transparency International has had a stab at it and says that the problem may be causing £325 billion-worth of harm to the UK economy each year. Why has the UK become such a magnet for this illegal activity, which damages the vital financial services sector and our reputation as a safe place to do business?

[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.

Economy

Debate between Lord Agnew of Oulton and Lord Jones of Cheltenham

Monday 28th September 2020 Lords Chamber

[Lord Jones of Cheltenham (LD) [V]]

I want to ask about our valuable music industry. The Government have been interested in getting theatres open and getting bums on seats, but they have given little thought to the people needed on stage in front of those bums. Does the Minister understand that the music business is a pyramid, with stars at the top, and that the bottom of the pyramid is in dire trouble? I refer to the pubs and clubs, where, without exception, musicians, including the Rolling Stones, Michael Bublé and the Kinks, get their break and learn their trade. The Musicians’ Union says that 38% of musicians are considering quitting the industry entirely. What are the Government going to do about it?

[Lord Agnew of Oulton (Con)]

My Lords, the Chancellor has consistently said that his interventions have to be macroeconomic. However, we have tried to create safety nets to protect as many people as we can in the economy. I share the noble Lord’s concern for the music industry. My own father read music at Cambridge before the war, and I completely agree with the noble Lord that it is a very important part of our culture.