David Nuttall
Main Page: David Nuttall (Conservative - Bury North)(9 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Matthew Hancock
I would say that this plan is one of the most advanced anti-corruption plans, but I also pay tribute to the work of DFID. Corruption undermines prosperity and development as much as, if not more than, almost any other failing, so focusing DFID resources on measures to tackle corruption is a very powerful way to help development. We must make sure that we use the DFID budget in a way that promotes long-term prosperity, and tackling corruption is a very powerful way of doing so.
Mr David Nuttall (Bury North) (Con)
Last month, a report published by the Financial Conduct Authority concluded that most small banks have significant problems with anti-money laundering. Given that finding, will my right hon. Friend explain what measures in the plan will deliver a more focused money laundering regulatory regime?
Matthew Hancock
Again, the question is how we can have strong money-laundering and anti-corruption rules that cause distress to those who try to break them, but do not place undue burdens on perfectly legitimate individuals and businesses. Getting the right balance between the two is very important and there is more work to do.