Oral Answers to Questions

Nick Thomas-Symonds Excerpts

Monday 15th July 2019 Commons Chamber

[Mr Wallace]

Transparency is the best disinfectant in such cases, and the Government are working hard to improve the operation of Companies House to ensure that we get to the bottom of some of these spurious companies. We are also fully committed to the establishment of a public register of property ownership in the UK, and are working with overseas territories to ensure that similar registers are established to cover ownership there.

[Nick Thomas-Symonds (Torfaen) (Lab)]

As capital moves ever more easily, it is imperative that we look again at the very limited circumstances in which large financial actors can at present be held accountable before the law. The Minister mentioned corporations a moment ago, but the Government’s economic crime plan totally fails to take on the issue of corporate criminal liability, which we must consider. Here is a very simple question: what are the Government afraid of?

[Mr Wallace]

As the hon. Gentleman will know, I have been talking about that issue for a long time, and we have been working hard on it. “Failure to prevent” in relation to tax evasion is now being rolled out, and the National Security Council discussed the issue more than a year ago. The hon. Gentleman will, I hope, wait to see what happens, but we are determined to try to deal with it.