Money Laundering

Baroness Ritchie of Downpatrick Excerpts

Thursday 13th January 2022 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, more than 97,000 organisations are monitored for money laundering in this country and some 54 anti-money laundering inquiries are open with the FCA at the moment.

[Baroness Ritchie of Downpatrick (Lab)]

My Lords, the Minister has referred to the work of the Assets Recovery Agency. Paramilitary organisations have undertaken considerable money laundering over many years throughout the UK. Can the Minister provide us with a detailed assessment, including figures, of the amounts that have been laundered by paramilitary organisations? I am thinking in particular of Northern Ireland, where it has had an insidious impact on society.

[Lord Agnew of Oulton (Con)]

I share the noble Baroness’s concern about money laundering getting into the hands of serious organised crime groups, but we are very much aware of such concerns. I do not think that one can put a figure on it, because, if we knew what it was, we would be able to stop it. We have created a large umbrella structure to oversee all these organisations. It is overseen by the Chancellor and the Home Secretary. Underneath that sit a number of organisations; for example, the Office for Professional Body Anti-Money Laundering Supervision. A whole range of such agencies are now working and sharing intelligence. I believe that we are getting better all the time.