Oral Answers to Questions

Debate between Elizabeth Truss and Catherine McKinnell

Tuesday 8th March 2022 Commons Chamber

[Elizabeth Truss]

We can all see how terrible the situation is, with 2 million people fleeing Ukraine. As I have outlined, we are providing humanitarian assistance. We are providing Ukrainians with access to basic necessities and vital medical supplies, as people are forced to flee their homes. We will continue to work with our friends and allies throughout Europe to deliver as much as we can to those in need.

[Catherine McKinnell (Newcastle upon Tyne North) (Lab)]

The Foreign Secretary knows that a vital way to help Ukraine is to prevent those who have stolen money from the Russian people from hiding it in our capital city, but after years of austerity, our hollowed-out enforcement agencies simply do not have the resources to go toe to toe with billionaire oligarchs. The world’s other major financial centre, New York, does not have the same problem and takes a much more robust and well-resourced approach to the tackling of illicit finances. Will the Foreign Secretary acknowledge that unless we properly fund our law agencies that can tackle illicit funding, we can have all the tough laws in the world but people will still see the UK as a soft touch?

[Elizabeth Truss]

We have established a cross-Government taskforce to enforce the laws that we are putting in place on oligarchs. It is important to know that the legislation that we passed yesterday will reduce the amount of bureaucracy required to sanction oligarchs. That will help us to target our resources better across Government, so that we can focus more of our efforts on enforcement. I was asked earlier about further measures on transparency. Those are all being introduced and we are very committed to doing that.