Russia: Trade

Baroness Falkner of Margravine Excerpts

Tuesday 28th July 2020 Lords Chamber

[Lord Grimstone of Boscobel]

My Lords, we are quite clear that trade does not have to come at the expense of labour, the environment, human rights or sustainable development. We use trade because we want to ensure that economic growth and development and environmental protection can go hand in hand.

[Baroness Falkner of Margravine (Non-Afl) [V]]

My Lords, the Minister will know that financial services are in surplus in our trade with Russia. Does he agree that however desirable that might be, it does not benefit the City of London to be referred to as a laundromat for Russians to wash their dirty money? Will he call together the City institutions to discuss how the measures in the Sanctions and Anti-Money Laundering Act 2018 can be tightened, as clearly the current institutions do not seem to have either sufficient funding or the powers to regulate them?

[Lord Grimstone of Boscobel]

My Lords, as a previous banker, I abhor illicit finance working its way through the City. It benefits nobody, and no respectable City firm would want to touch it. At every opportunity, I will certainly raise the points that have just been made.