Countering Russian Aggression and Tackling Illicit Finance

Fleur Anderson Excerpts

Wednesday 23rd February 2022 Commons Chamber

[Fleur Anderson (Putney) (Lab)]

I am honoured to be called in this important debate and agree with all the concerns of the shadow Foreign Secretary, my right hon. Friend the Member for Tottenham (Mr Lammy), about Russian aggression and the illicit finance sustaining the Putin regime that is responsible for the aggression. That aggression threatens not just the Ukrainian people—I met a Ukrainian constituent of mine this morning and share her deep concern and love of her country—but the wider region and regions across the world. For example, in Bosnia, and in Republika Srpska in particular, ongoing Russian interference is threatening peace. Putin’s dirty money coming through London is a big part of that, and it is right that we have time to discuss it in this place and urge the Government to do so much more. President Roosevelt said that the key to diplomacy is to

“speak softly and carry a big stick”,

but the Government are doing totally the opposite: they are talking tough and acting very soft.

In Putney, when we look around the big developments by the river, we see dark windows. We wonder who owns those houses, why they are they not living in them and why they are putting up prices for us in London. Of course, illicit money thrives on secrecy and darkness, and that is what we see here.

What would Labour do were we in government now? We would do so much more. First, the Elections Bill is being debated in the House of Lords tomorrow, so there is time to look again at Labour’s new clause 2, which would have cut the connection between the increased number of overseas voters that we will have and the open door for donations that will be allowed to flood through with the increased allowance. Why do we not simply cut that connection? I hope that the Minister will address that. I urge him to bring new clause 2 back in the Lords tomorrow.

Labour would also implement all the recommendations of the Russia report. We would push for Russia to be excluded from financial mechanisms such as SWIFT and ban trading on Russian sovereign debt. We would tackle Putin’s campaign of misinformation. We would work with our European allies to ensure that the Nord Stream 2 pipeline is cancelled. We would take steps to ensure a robust and transparent register of beneficial owners of overseas entities. We would urgently reform Companies House. We would bring in the economic crime Bill that has been promised for six years. We would fix unexplained wealth orders. We would also not leave the sanctions at just three oligarchs and five banks, which shows that we have one weak and out-of-touch Government. By contrast, the EU has announced sanctions for the 351 Duma members and, in the US, Biden has already announced sanctions on the country’s sovereign debt. Our allies are going further than us. To say that we have to go in step with them is just an excuse; actually, we are not in step. I hope that the Minister will say something about that.

It is time to bring an end to the Tory party donations from Russian oligarchs that are linked to all this slow action by the Government—surely there is a link. If there is no such link, the Government should do far more, show us that and put the security of the Ukrainian people and the British people before those who pollute our financial system and wish us harm.