Money Laundering

Lord Jones of Cheltenham Excerpts

Thursday 13th January 2022 Lords Chamber

[The Lord Privy Seal (Baroness Evans of Bowes Park) (Con)]

My Lords, it is the turn of the Liberal Democrats. The noble Lord, Lord Jones of Cheltenham, wishes to speak virtually. I think this is a convenient point to call him.

[Lord Jones of Cheltenham (LD) [V]]

My Lords, the Royal United Services Institute suggests that the scale of money laundering in the UK is “too big to measure”. Transparency International has had a stab at it and says that the problem may be causing £325 billion-worth of harm to the UK economy each year. Why has the UK become such a magnet for this illegal activity, which damages the vital financial services sector and our reputation as a safe place to do business?

[Lord Agnew of Oulton (Con)]

My Lords, as I am sure the noble Lord will be aware, the City of London is one of the largest financial centres in the world and therefore the flows of money going through our economy, particularly in the City, are enormous. However, we lead the world in our attempts to reduce bad activity. I refer the noble Lord to the Economic Crime Plan, which lists some 48 action points to tackle the whole spectrum of money laundering and financial crime. We are in good shape in implementing those, and we are committed to an economic crime plan 2.0 that will be announced this autumn.