Anti-corruption Strategy

Debate between Lord Faulks and Lord Young of Cookham

Monday 10th July 2017 Lords Chamber

[Lord Faulks (Con)]

My Lords, during the passage of the Criminal Finances Bill, a great deal of concern was expressed around the House about the number of properties, particularly in central London, being acquired by anonymous foreign owners, often using corrupt proceeds of crime. Can the Minister update the House on what is happening with unexplained wealth orders and, indeed, with the proposed register of foreign owners of property here in London? It is time we kept the momentum going on this.

[Lord Young of Cookham]

I am grateful to my noble friend, who played a significant role when the then Criminal Finances Bill was going through the House in ensuring that we had the unexplained wealth orders in the right shape. That legislation hit the statute book on 27 April. We are now preparing statutory guidance, subject to the affirmative procedure order, and introducing new court rules and training for officials so that we get the orders in good shape before they are introduced. We remain committed to a register of beneficial ownership of foreign companies that own or acquire property in this country. Good progress is being made. BEIS submitted a consultation document earlier this year, and it is now analysing the responses. I say to my noble friend that we are determined to honour the commitment to introduce such a register.