Investor Visas: Money Laundering

Lord Anderson of Swansea Excerpts

Monday 9th May 2016 Lords Chamber

[Lord Keen of Elie]

With respect, Transparency International’s report was looked at and considered by this Government. However, it referred to a period prior to April 2015 of “blind faith”. There was no such blind faith. As I indicated, when an overseas investor made a qualifying investment, he made it through a regulated authority and was therefore checked. As for the numbers, it will be a matter of notice that the sum required for investment has been doubled from £1 million to £2 million. Over and above that, the noble Lord will bear in mind the relevance of the exchange rate over the relevant period, as well. The rouble went from 50 roubles to the pound to 100 roubles to the pound, with the result that the required investment from someone in Russia is now 200 million roubles.

[Lord Anderson of Swansea (Lab)]

Clearly, that increased sum is unlikely to deter the sort of individuals who are the subject of this Question. Since there was a reduction, what was the reason for it, in the Government’s view?