Sanctions and Anti-Money Laundering Bill [Lords]

Debate between Helen Goodman and Robert Neill

3rd reading: House of Commons & Report stage: House of Commons
Tuesday 1st May 2018 Commons Chamber

[Helen Goodman]

My understanding is that the position on the British overseas territories, as set out by a White Paper when the hon. Member for North West Norfolk (Sir Henry Bellingham) was a Foreign Office Minister, is that it is appropriate for this House to legislate for the Cayman Islands and the overseas territories if it is considered necessary. Given the long list of crimes, which I have just read out to the House, that are facilitated, it can be argued completely that when we are making changes in this respect, this is an international, foreign policy issue, as that is what we are talking about; we are talking about the financing of international crime and of terrorism. This is not like trying to intervene in street lighting or purely local matters. It simply has a completely different import for the world.

[Robert Neill (Bromley and Chislehurst) (Con)]

I understand the point the hon. Lady is making and, as a lawyer, I very much appreciate the importance of the international fight against crime and money laundering, but will she concede that at least some overseas territories take their obligations very seriously? For example, Gibraltar, which is part of the EU as well, has already publicly accepted that it will transpose the fifth anti-money laundering directive, which includes a public register of beneficial ownership, into place by December 2019? In a sense, such places do not need to be legislated for, because they are willing to do this. It is important to be proportionate in our approach, is it not?

[Helen Goodman]

Of course what the hon. Gentleman says about the fifth anti-money laundering directive is right, in so far as it does put obligations on Gibraltar. That was why I have linked new clause 14 to the fifth anti-money laundering directive, because clearly it is easier, in terms of international competitiveness, for many jurisdictions to move together.

European Union (Withdrawal) Bill

Debate between Helen Goodman and Robert Neill

Committee: 6th sitting: House of Commons
Tuesday 12th December 2017 Commons Chamber

[Helen Goodman]

The hon. Gentleman is displaying his usual charm in trying to make hon. Members feel that the Standing Orders put forward by the Leader of the House are peerless. I suspect that hon. Members will want to come back and debate the make-up and terms of reference at the time. I would also be grateful if Ministers could relay to the Leader of the House that we are disappointed that neither she nor her deputy have been present at any point in this debate, when we have been discussing something that concerns the role of the House. We hope very much that they will also be flexible if, when we have that debate, there is a consensus for changing the draft Standing Orders just published.

[Robert Neill]

It is a pleasure to follow the hon. Member for Bishop Auckland (Helen Goodman) and to participate in this debate. This, of course, is what Parliament is about at the end of the day. The amendments, including the two that stand in my name and that of my hon. Friend the Member for Wimbledon (Stephen Hammond), which have been debated at length, are all about improving the Bill. I noticed in the world of Twitter and spin merchants this afternoon the suggestion that amendments to the Bill on key issues, if carried, might somehow weaken the Government’s position with our European counterparts and undermine the confidence of our European partners in our ability to deliver. Shall we just park that as the tosh and nonsense that it is? Anyone who spins that out, on whoever’s behalf, should be ashamed of themselves.

I know that the two Ministers certainly would not take that view. The spirit in which they have approached the debate is welcome. This is about improving the Bill to ensure the right outcomes at the end of the day. That is why the points made by my right hon. and learned Friend the Member for Beaconsfield (Mr Grieve) were so important and why I endorse every word he said. It is also why I warmly welcome the work of the Procedure Committee and my hon. Friend the Member for Broxbourne (Mr Walker) in finding a means to a better level of triaging, in effect, of these very significant statutory instruments and regulations.

The point has been well made by both my right hon. and learned Friend and my hon. Friend that the broader picture here is how we scrutinise secondary legislation in this place. I think that everybody concedes that it is woefully inadequate and does not bear comparison with many other Parliaments. It is an example of how being the mother of Parliaments does not necessarily mean we are the best. We need to improve our work, but I think we are taking a workmanlike and sensible approach, which I appreciate. There will, no doubt, come a point when we shall need to look at the way in which we deliver the deal—and I am delighted that we are now able to move on to phase 2. I look forward to the time when the House is given a proper vote on that, or, indeed, on the lack of any such deal.

European Union (Withdrawal) Bill

Debate between Helen Goodman and Robert Neill

Committee: 1st sitting: House of Commons
Tuesday 14th November 2017 Commons Chamber

[Helen Goodman]

My hon. Friend is absolutely right. It is not just one alternative system; it is 58. It is one with the EU and another 57 with everybody else. This is really not going to happen, and Ministers need to get their heads round the fact that they have some hard choices to make, and they need to be straight with their own Back Benchers and with the public about what those choices are.

The Government are being irresponsible in wanting to repeal the European Communities Act 1972, which is the basis of our membership, and in setting the date at the beginning of the transition period, before they can tell us how they are going to handle that period. It would be great if they could give us a proper explanation because we have not had one yet. Ministers say that the whole purpose of the Bill—the very thing that the Bill is driving at—is legal certainty, but they cannot tell us what the legal position will be in 18 months’ time. The Bill is flawed and I urge Ministers to look constructively at the amendments tabled by the Opposition Front Bench.

[Robert Neill]

I approach the Bill in exactly the same spirit as my right hon. and learned Friend the Member for Beaconsfield (Mr Grieve) made clear earlier in the debate. However much I think we have harmed ourselves with the decision to leave the European Union, we have to ensure that we deliver it in an orderly fashion. That is critical in the legal area and in the business area.

The City of London is the financial hub of the whole of Europe, and we want it to stay that way, but it requires legal continuity and certainty to do so. Now, I accept that the Bill seeks to do this—I have no problem with the intentions behind the Bill—but it is worth stressing the importance of the sector and, therefore, the importance of the detail. Bear in mind that euro clearing involves transactions being processed every day through London to a value which exceeds our annual contribution to the European Union by a significant sum, and which significantly exceeds any likely divorce bill figure that has been bandied about.

The fact is that we are the basis for the euro bond market and we clear a great deal of euro business, and that generates and supports thousands of jobs. Some 36% of the population of my constituency are employed in financial and professional services. I am not going to do anything that puts their jobs at risk or reduces their standard of living. Those who voted to leave did not vote to make us poorer for the sake of a bit of ideology. We now have to find a practical means forward to ensure that we have, as the chair of the City of London’s policy and resources committee put it, an orderly Brexit as opposed to a disorderly one. Therefore, the test of the Bill’s contents is whether they achieve the Bill’s stated objective of trying to assist in that orderly Brexit and withdrawal. Well, it does up to a point, but my contention is that it only goes so far. There are number of areas where the Bill is lacking, which is why it needs improvement, and this set of amendments deals with precisely one of those areas.

The incorporation of the acquis into UK domestic law is accepted all round as being necessary, but the debate has highlighted a number of significant areas where there is still uncertainty and where the current wording may not achieve its objective. I want to see a deal on the basis of the Florence speech. I hope that all Government Members will stand behind the Florence speech and will not attempt to rewrite it, refine it, add to it or subtract from it. If we do that constructively, we can make good progress. I am sure that the Ministers on the Treasury Bench wish to achieve that too—well, almost all of them. But to do that we must ensure that we give the courts and contracting parties the certainty that they need.

My final example is that derivative contracts are generally written over a three to five-year period. Unless there is certainty as to the enforceability of those contracts, people will not contract with counterparties in the European Union. Crashing out without a deal would not give them that certainty any more than going on to WTO terms will give the financial services any certainty. It would not give the London legal services sector any certainty, doing nothing to address the establishment directive or the recognition of professional rights that currently enable British lawyers to gain and earn millions of pounds for this country annually in the work that they sell into the European Union.

All those things need to be done. I doubt whether we could get the detail done by the end of March 2019, and that is why a significant and proper transition, in which we can work out the details, is absolutely necessary. Let us make sure, then, that we enable the Bill to achieve that through some additions and changes to what is in it.