Countering Russian Aggression and Tackling Illicit Finance

Karen Buck Excerpts

Wednesday 23rd February 2022 Commons Chamber

[Mr Lammy]

My hon. Friend is right. The cornerstone of any democracy is the accountability and transparency that allows the general public to see who owns what. I will come on to more of that in a moment.

[Ms Karen Buck (Westminster North) (Lab)]

I appreciate that my right hon. Friend will say more on this issue. It is estimated that there is at least £2 billion of dirty money in the London property market—much of it is concentrated in high value areas including Kensington and my borough of Westminster—and we do not know the beneficial owners of those properties. Was he as surprised as me to hear the Prime Minister say that we may not expect the economic crimes Bill until the next Session?

[Mr Lammy]

My hon. Friend is so right. These properties are pricing out young people and challenging working people. Often, the lights are off and no one knows who owns them. If that is not an urgent issue, I do not know what is. I was staggered when the Prime Minister said that it did not merit action until the next Session.