Kate Green
Main Page: Kate Green (Labour - Stretford and Urmston)Department Debates - View all Kate Green's debates with the Home Office
(6 years, 8 months ago)
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Mr Wallace
As the hon. Gentleman will have heard me say numerous times this afternoon, there are plenty of individuals who get pointed out to us and into whom we open investigations. What we cannot do is provide a running commentary on who is under investigation. As I have stated and as we have demonstrated in our legislation over the past few years, we on the Conservative Benches are determined to investigate and deal with overseas corruption and oligarchs putting money here. The best example I can give is the unexplained wealth order issued only a few weeks ago: it related to an overseas oligarch who was also a PEP and to £22 million of property in the south-east. We will continue to target such people because we think it is the right thing to do.
Kate Green (Stretford and Urmston) (Lab)
Foreign nationals still come to the London financial markets to raise funds and then repatriate them to organisations that may be the subject of western sanctions. What action are the Government taking to prevent that?
Mr Wallace
The Sanctions and Anti-Money Laundering Bill, which is coming through the House, will give us new and more tools to deal with such behaviour. When the Criminal Finance Act 2017 transited the House and people made the point about the Magnitsky amendment, I pointed out that it was against criminal assets, and when the sanctions Bill comes forward, we will take steps to address the issue. So we raised this problem long before it was an issue in the sanctions Bill—last year, during the passage of the 2017 Act. Overall, we are determined to tackle this and to send the right message. The hon. Lady will have heard the long list with which I tested your patience at the beginning, Mr Speaker, and I find it ironic that the Labour party, which came up with precisely almost nothing in government, is criticising this Government, who are actually capturing proceeds of crime and taking them away from bad people.