Corruption
Debate between Lord Ashton of Hyde and Lord Graham of Edmonton
Lord Ashton of Hyde
I will let the noble Lord know in writing. I am relying on my brief on this—I am sure it is true, in that case. But I certainly will write to the noble Lord.
Bermuda already has a private central registry. Gibraltar will implement a central registry under the EU’s fourth money-laundering directive. The Prime Minister has made it clear that he would like a publicly accessible central register of company beneficial ownership to be the new international standard. We would therefore like the overseas territories to match our policy. However, we respect the fact that the overseas territories and Crown dependencies are separate jurisdictions with their own elected governments who are responsible for fiscal matters. We want to continue to work in partnership with overseas territories and Crown dependencies on this important issue.
The noble Lords, Lord Rooker and Lord Watson, also mentioned unexplained wealth orders. We are always interested in proposals for new powers that will help law enforcement agencies and prosecutors to tackle money laundering, and will carefully consider Transparency International’s proposals on unexplained wealth orders as part of the national risk assessment.
On the Government’s response to recommendation 3 in Transparency International’s report for a supervisors’ forum, supervisors already attend forums where cross-cutting issues are discussed. The next meeting of the supervisors’ forum is on 5 November. If customer due diligence cannot be completed as far as recommendation 2 is concerned, including identifying the beneficial owner, then the estate agent cannot do business with the prospective client.
The noble Lord, Lord Graham of Edmonton, made some interesting points, mainly about housing policy rather than corruption per se. Buying and selling is legal and is registered with the Land Registry but, of course, if the behaviour breaks the law either corruptly or through intimidation then the full force of the law will be applied and the Government support that. Sir Eric Pickles will bear down heavily on any corrupt activity.
Lord Graham of Edmonton
Can the Minister tell me whether the phenomenon I mentioned of individuals buying up properties and misusing them is monitored by the Government? Can he indicate whether the Government intend to do something in the future?
Lord Ashton of Hyde
I will answer that in writing as I have only three minutes left. The noble Lord also talked about the mechanism to trace properties sold under the right to buy. We have a comprehensive anti-money laundering regime. Money laundering through property has been assessed in the UK’s first national risk assessment, which will be published in due course.
Lastly, corruption in foreign countries was mentioned by the noble Baroness, Lady Stern. As noble Lords will know and as I think they have acknowledged, the Prime Minister has urged world leaders at the G7 meeting to tackle the cancer of corruption.
I hope noble Lords will accept that the Government are doing a lot despite the remaining problems. My time has nearly run out, so I am going to have to write to noble Lords in due course on the questions I have not answered.