Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021

Gavin Newlands Excerpts

Monday 22nd November 2021 General Committees

[Gavin Newlands (Paisley and Renfrewshire North) (SNP)]

It is a pleasure to serve under your chairmanship, Ms Elliot. I look forward to the answers to the questions from the right hon. Member for Wolverhampton South East. He always makes my presence entirely superfluous with his range of questions, two of which I was going to ask the Minister. I look forward to her response.

We will also not oppose the changes proposed, but we expect the Government to continue to monitor the situation in those countries to ensure banks do not unduly take Government-sanctioned high risks. In fact, it is beyond farcical that they list one of their own territories alongside Iran, Syria and the three countries added to the list today.

Terrorist finance—I will not stray too far into this—is not the only risk in financial services. The Companies House reform consultation is not due to end until February. We have been saying for many years that the UK Government must introduce a robust and transparent system of company registration in order to combat money launderers’ attempts to register entities for illicit purposes. The UK Government must act to tackle the ongoing improper use of Scottish limited partnerships—SLPs—via the proper reform of Companies House. The only question that remains for me to ask is when the Government expect to bring forward proposals to ensure that the register is accurate and covers these beneficial ownerships?