Business of the House

Clive Efford Excerpts

Thursday 24th February 2022 Commons Chamber

[Mark Spencer]

My hon. Friend will recognise that the Prime Minister will be in the Chamber at 5 pm, and that will be his first opportunity to question our right hon. Friend. I have not announced further business other than a debate on Ukraine on 7 March, but I think the Government’s record of giving Members many opportunities this week to discuss this matter will be an indication of how we will proceed going forward.

[Clive Efford (Eltham) (Lab)]

If we are to make sanctions stick and deal with dirty money being laundered through the City of London, enforcement and regulatory bodies need proper resourcing. Companies House says that it often cannot take on Russian oligarchs, because they are very wealthy and use lawyers that it cannot access because it does not have the resources. Similarly, the mining company Eurasian Natural Resources Corporation has taken the Serious Fraud Office to court for having the audacity to investigate it. It makes in a week what the SFO spends in an entire year. May we have a statement on the resources given to those enforcement and regulatory bodies, so that we can impose these sanctions and deal with the dirty money being laundered through the City of London?

[Mark Spencer]

The hon. Gentleman is right to draw attention to that matter. The statutory instrument that we passed earlier this week is very robust and allows for strong action to be taken against those individuals. It gives the Government enormous power to tackle them, but it is not the end of the process. I am sure there is more that we can do, and the Prime Minister will update the House at 5 pm today on further matters and measures that will be taken.