Sanctions and Anti-Money Laundering Bill [Lords]

Debate between Lord Bellingham and Lord Clarke of Nottingham

3rd reading: House of Commons & Report stage: House of Commons
Tuesday 1st May 2018 Commons Chamber

[Sir Henry Bellingham]

I will not get into an argument with my right hon. Friend because I think we agree on so much of this. My concern is that it required a leak from Panama to expose those people, and there will be many other jurisdictions that may not have leaks in future and where much of the business will go, unless the whole world moves to the end goal of open registers—

[Mr Kenneth Clarke]

I accept the point that my hon. Friend is making, but it is not the best point. Until we move, we have little chance of speeding up any response by Delaware, Panama and the other places he named. It is not an overwhelming argument to say, “Well, we should carry on having billions of pounds of criminal money flowing through our overseas territories while we wait for Panama to make a move.” That is not the strongest argument.

[Sir Henry Bellingham]

My right hon. and learned Friend the Father of the House is, as ever, very wise. I want to proceed on a pragmatic, staged basis, and I think we could have come together on the Government’s compromise, had it been tabled in good time.