EU: Money-laundering Directive

Debate between Lord Phillips of Sudbury and Lord Willoughby de Broke

Thursday 3rd April 2014 Grand Committee

[Lord Willoughby de Broke]

My Lords, some noble Lords, including the noble Lord, Lord Watson, and to a certain extent the noble Lord, Lord Davies, have missed the point that I was trying to make. There are already, under the Money Laundering Regulations 2007, absolute requirements on financial intermediaries and lawyers to report to the relevant authorities if they suspect that there is any illegal use of trusts. They already have the weapons; the idea that there is absolutely no legislation to deal with trusts is entirely misplaced.

[Lord Phillips of Sudbury]

The regime is ineffectual.

[Lord Willoughby de Broke]

That is not right.