Corporate Transparency and Economic Crime

Kevin Hollinrake Excerpts

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

The hon. Lady is absolutely right to say that we want to have greater transparency. The example in the statement was merely that; it was an example of how people can hide ownership of assets. We want greater transparency generally.

[Kevin Hollinrake (Thirsk and Malton) (Con)]

I very much welcome my right hon. Friend’s statement, particularly the bit about overseas entities. There are a couple of things that he might consider for his White Paper. Some 43% of all financial crime is identified by whistleblowers, so proper whistleblowing protection is absolutely critical to identifying this stuff. The other thing is failure to prevent economic crime. If we want our banks and wealth managers to clamp down on this stuff and to do the right thing, they need to face criminal charges if they do not.

[Kwasi Kwarteng]

I pay tribute to my hon. Friend, who has been speaking about these affairs with a great deal of knowledge and passion for many years, and I have engaged with him on these subjects. He will also appreciate that what we are doing in bringing forward this legislation does not capture the entire economic crime package. There are other measures that we will be looking to bring in very soon.