Money Laundering

Lord Austin of Dudley Excerpts

Monday 19th March 2018 Commons Chamber

[Mr Wallace]

Is the hon. Gentleman asking about opening an investigation or prosecuting? As I said earlier, we are not commenting on what investigations we have live and open. That has been very clear: we cannot comment on whether or not an investigation is open into anyone. Whether it is a Russian oligarch, people who are alleged concerning Magnitsky, or someone under investigation in the hon. Gentleman’s local constituency, that is not how it operates in this country, because we protect the operational independence of the police.

[Ian Austin (Dudley North) (Lab)]

The best way to target Putin is to go after the people around him who enrich themselves to the tune of billions. It is estimated that people closely linked to Putin own property here in London worth more than £1 billion. The Minister could start by looking at the activities of Igor Shuvalov, who, as we have heard today, is reputed to own—just a few hundred yards from where we are standing now—flats worth £11.4 million, yet he earns just £112,000. That is clearly the result of corruption; what is the Minister going to do about it?

[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.