Corporate Transparency and Economic Crime Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Debbie Abrahams
Main Page: Debbie Abrahams (Labour - Oldham East and Saddleworth)Department Debates - View all Debbie Abrahams's debates with the Department for Business, Energy and Industrial Strategy
(2 years, 9 months ago)
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Kwasi Kwarteng
As I have said a couple of times, we did lead the way on SWIFT. I think that has been very effective in terms of the response of the German Government and my understanding is that they have shifted. I make no apology for defending London as a hub of capital, but we need to root out kleptocrats and dirty money.
Debbie Abrahams (Oldham East and Saddleworth) (Lab)
It is outrageous that the Government are only just introducing measures to deal with the £100 billion a year of illicit finance that this country, and especially the City, is awash with. Can the Secretary of State say how many of the 30 or so outstanding actions from the Government’s own 2019 to 2022 economic crime plan will be achieved by the actions he has identified today?
Kwasi Kwarteng
We are making very good progress on all those cases, but I bring to the hon. Lady’s attention the fact that the reform of Companies House that we are mooting is the first time in 200 years that it has been reformed in this way. I also highlight that we have led the way in the debate on SWIFT and on transparency in the international arena. Ministers from around the world are engaging with us directly on the effective measures we are bringing about.