Countering Russian Aggression and Tackling Illicit Finance

Debate between Amanda Milling and Chris Bryant

Wednesday 23rd February 2022 Commons Chamber

[Amanda Milling]

I am very grateful to the hon. Lady for her intervention. I will set out the steps that the Government have taken and come on to—[Interruption.] Let us start with the actions that we have taken and then look at what we will do.

First, we have announced significant new investments. In the 2021 spending review settlement, £42 million was announced for economic crime reforms and £63 million for Companies House reform. In addition, the introduction of the economic crime levy will raise an estimated £100 million a year from 2023-24 to fund new economic crime initiatives.

Secondly, we are strengthening our law enforcement powers. The Criminal Finances Act 2017 introduced new powers to combat dirty money in the UK. It allowed for the proactive investigation of assets owned by suspected criminals and corrupt public figures.

Thirdly, we are developing new tools to target illegitimate wealth. [Interruption.] I will come back to these points. In April last year, the UK launched the global anti-corruption sanctions regime, which allows the Government to impose asset freezes and travel bans on those involved in serious corruption around the world. That is a strong personal deterrent and has been used so far to sanction 27 individuals in 10 different countries.

[Chris Bryant]

I am delighted that we have Magnitsky sanctions; I campaigned for them for 12 years—as did many other Members, including the hon. Member for Isle of Wight (Bob Seely), who is on the Government Benches—so it is a great thing that they are there. However, when the Minister talks about Companies House reform, the legislation is there. It is ready and waiting. The most disgraceful thing that I have ever heard is a Companies House official telling a Committee of this House, “I’m really sorry. We sometimes just daren’t take things forward because we know that Russian oligarchs have much deeper pockets than we do.” The truth is that our integrity as a country is being bought. We have to change that.

[Amanda Milling]

I am grateful to the hon. Gentleman for his intervention. I will talk about what we want to crack down on, but, as he will recognise, such things need to be legally robust.

To go back to the examples that I was giving before that intervention, the UK is a world leader in corporate transparency. It is the first country in the G20 to implement a central public register of company beneficial owners, showing who ultimately owns and controls UK companies. However, we are determined to go further to crack down on dirty money and financial exploitation, and we are enhancing the already strong regulation, supervision and legislative powers that are at our disposal.

[Amanda Milling]

Let me be clear. The Conservative party does not accept foreign donations—after all, they are illegal. All donations to the party are received in good faith, after appropriate due diligence, from permissible sources. Donations are properly and transparently declared to the Electoral Commission and published by it, and they comply fully with the law.

[Chris Bryant]

Will the Minister give way?

[Amanda Milling]

Let me just finish this point. There are people of Russian origin in this country who are British citizens. Many are critics of Putin, and it is completely wrong and discriminatory to tar them with the same brush.