Money Laundering

Lord Tunnicliffe Excerpts

Wednesday 24th November 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, it is a harsh judgment to say that we are a honeypot for international money launderers. We are one of the largest financial centres in the world, so the volume of money passing through our system is colossal. We have been judged by the FATF as one of the most effective regulators of this area in the world. We have the second- highest level of fines so far. As I mentioned in response to earlier questions, we continue to review the situation carefully. For example, at the moment we are looking at Companies House legislation to make sure that registrations there are more carefully vetted.

[Lord Tunnicliffe (Lab)]

My Lords, 10 December 2021 will be the fourth anniversary of the Government’s United Kingdom Anti-Corruption Strategy, which in 2017 committed to bringing forward a draft Bill in that Session of Parliament

“for the establishment of a public register of beneficial ownership of overseas legal entities.”

Are Her Majesty’s Government still committed to such a Bill? If so, when will we see it?

[Lord Agnew of Oulton (Con)]

My Lords, we are certainly committed to that. I am afraid I cannot give a date yet. As the noble Lord will know, we are trying to put a huge amount of legislation through both Houses, but we recognise that it is a priority. In February this year the economic crime plan was set out. It listed seven priorities, and dealing with the issues he referred to is included there.