Corporate Transparency and Economic Crime

Debate between Kwasi Kwarteng and Peter Bone

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

Dare I say it, but I have been a Member of this House for long enough not to bring a bag for praise—or whatever the phrase the hon. Gentleman used. I was not expecting that. What I do want to engage with him on is the fact that we are speaking to counterparts in the devolved Administrations because there must be a greater degree of co-ordination. We are also working with the overseas territories. We are expecting them to have much greater transparency, and we will be making that representation to them.

[Mr Peter Bone (Wellingborough) (Con)]

I refer the House to my entry in the Register of Members’ Financial Interests—I am a fellow of the Institute of Chartered Accountants in England and Wales. Further to what many Members have said, there is no point in our having a register if what is on it is untrue. Could we have a requirement for an auditor to verify the truth of a certificate, and if it turns out that it is untrue, that auditor is subject to criminal prosecution?

[Kwasi Kwarteng]

I am conscious that my hon. Friend would not want me to burden people who are legitimately setting up companies. He will also appreciate that the legislation will create new criminal offences, and I am confident that this will significantly tighten the regime that we have today.

Points of Order

Debate between Kwasi Kwarteng and Peter Bone

Monday 28th February 2022 Commons Chamber

[Mr Deputy Speaker]

So it will appear on the Order Paper in the usual way.

[Mr Bone]

Further to that point of order, Mr Deputy Speaker. I am sorry, but I thought we were told that the House was expecting emergency legislation tomorrow. It seems that this is not going to happen tomorrow and I have perhaps misunderstood.

[Kwasi Kwarteng]

Further to that point of order, Mr Deputy Speaker. As my hon. Friend knows, there are three different stages to a Bill—introduction, publication and then Second Reading and further stages—so Second Reading will not be happening tomorrow.