Banks: Forgery

Lord Wallace of Saltaire Excerpts

Thursday 30th June 2022 Lords Chamber

[Lord Sharpe of Epsom (Con)]

My Lords, my noble friend is right to raise the changing nature of some of these crimes. I am sure that she is partly referring to the UKFI report on fraud, published earlier this week, which showed that some types of fraud are in fact diminishing while others are increasing. A number of actions are being taken: for example, I am sure that noble Lords were surprised to note that the text messages that we used to receive seem to have diminished somewhat, which is partly a response to work done by the telecoms companies. The National Cyber Security Centre has also launched its suspicious email reporting service to remove harmful scams from online. Since April 2020, it has taken down 81,000 scams across 147,000 URLs.

[Lord Wallace of Saltaire (LD)]

My Lords, there is active concern about not just fraud but money laundering and large-scale bribery—money laundering not only from former socialist states such as Russia but from the Middle East, and bribery also in terms of a number of the Middle East autocracies. This does not seem to be a priority for the Government yet. Is this also where we need a considerable reinforcement of officials who deal with these subjects?

[Lord Sharpe of Epsom (Con)]

My Lords, I do not think it is just about officials; it is also about legislation. Obviously, we passed one Act earlier this year at speed. The noble Lord will be aware that there is another economic crime and corporate transparency Bill on its way which deals with many of the unresolved issues from those debates and that Act.