Draft Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022

John McNally Excerpts

Monday 18th July 2022 General Committees

[John Mc Nally (Falkirk) (SNP)]

It is a pleasure, as always, to serve under your chairmanship, Ms Ali. The Minister has probably already answered most of my questions; they have been whittled down to one—much like what is happening in the Tory party at the moment, as it selects a Prime Minister.

I have a brief question to the Minister. As he knows, Parliament was promised a full Companies House reform. There is no doubt that there is a clear need for a full reform of the failing anti-money laundering law. That reform is due to feature in the full economic crime Bill. Like others, that Bill has been delayed and delayed for far too many years. The organisation Spotlight on Corruption works to end corruption in the UK and, importantly, wherever the UK has influence. It has been clear on the need to enable more effective criminal prosecutions of sanctions breaches. It has also noted that there has not been any criminal sanctions enforcement for 12 years. Does the Minister think that statement is accurate? Spotlight on Corruption is also calling for the introduction of an offence either for the failure to prevent sanctions evasion or for conspiracy to commit sanctions evasion. Both are worthy of consideration. Like the Opposition spokesperson, the hon. Member for Hampstead and Kilburn, and many others, I would like to know the timetable for introducing this Bill.