Corporate Transparency and Economic Crime Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Chris Bryant
Main Page: Chris Bryant (Labour - Rhondda and Ogmore)Department Debates - View all Chris Bryant's debates with the Department for Business, Energy and Industrial Strategy
(2 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Kwasi Kwarteng
Absolutely. I am not embarrassed at all in agreeing with my hon. Friend that London is a hub of international capital, which is one of the great strengths and glories of our economy. I will do all I can, as I am sure he will appreciate, to make sure we protect that precious heritage.
Chris Bryant (Rhondda) (Lab)
I am sure it was a slip, but the Secretary of State said “the Ukraine.” Four Ministers have said “the Ukraine” in the past few days—
Chris Bryant
I fully accept that it was a slip. We will move on. “Ukraine” is the country. It is an important point, because Ukrainians hate it being called “the Ukraine.”
The point I was going to make is that we would have been in a 10-times better place in dealing with Putin’s invasion of Ukraine if all this had already been in place, which is why some of us had been calling for it for many, many years. The Secretary of State says he has expedited something. Well, I do not know what it would have looked like if he had slowed it down because, honestly, apart from anything else, we have world-beating lawyers, accountants and others who facilitate the hiding of all these assets. Do we not need to put on them the onus of having to report their dealings with Putin’s cronies, and should it not be a criminal offence if they do not do so?
Kwasi Kwarteng
I fully accept the hon. Gentleman’s point and I wish to put on record the fact that I corrected myself immediately—having said “the Ukraine”, I changed it to “Ukraine”. He makes a perfectly legitimate point about that little bit of grammar and the definite article, which is very important. On the speed with which we have brought forward this legislation, I wish to pay tribute to him and to Conservative colleagues, some of whom are no longer in their place, as they have led huge amounts of work and cross-party engagement. I am delighted that now we can expedite bringing this Bill forward.