European Council

Lord Watts Excerpts

Monday 10th March 2014 Commons Chamber

[The Prime Minister]

My hon. Friend is right. As I have said, we have these frozen conflicts that we still struggle with across Europe. We are making a concerted effort to ensure that this does not turn into another one. We have to accept that there will be real and quite painful consequences for European countries if we have to go ahead with sanctions, but we should do so because it would be a greater evil to allow this situation to continue.

[Mr Dave Watts (St Helens North) (Lab)]

Has the Prime Minister carried out any review of whether Russians are already moving their assets outside the UK before any freeze is introduced?

[The Prime Minister]

I have not seen any evidence of that. Sometimes the City of London is unfairly painted as somewhere that does not have tough rules on money laundering. It does. It is painted as somewhere that does not have tough rules on transparency. It does. Part of the G8 agenda was aimed at making sure that we get greater transparency, particularly on issues such as tax. We will take the necessary steps, if that becomes appropriate, and the City of London will play its full part.