Economic Crime (Transparency and Enforcement) Bill

Nigel Evans Excerpts

Committee stage
Monday 7th March 2022 Commons Chamber

We had the creation of the Office for Professional Body Anti-Money Laundering Supervision, supposedly to tighten up on the facilitators and enablers, but while some, including the banks, flooded the system with suspicious activity reports, others appear to have taken very little responsibility for their actions. That was reflected in the Treasury Committee’s report. Under Gordon Brown, we had the creation of the golden visa scheme, which attracted these oligarchs in, gave them a veneer of respectability, treated them with the deference that very few of my hard-working, honest constituents receive from the Home Office and allowed them to buy their seat not only at party fundraisers but at the very heart of British democracy—[Interruption.]

[Mr Deputy Speaker (Mr Nigel Evans)]

Order. There are far too many private conversations taking place, and I am finding it difficult to hear the hon. Lady.

[Alison Thewliss]

Thank you, Mr Deputy Speaker. I was talking about people buying their seats at party fundraisers and at the heart of British democracy. That is something that this House should reflect on. This place needs to take a long hard look at itself and at what it has facilitated, allowed and ignored over the course of many years.

We in the SNP welcome this Bill—how could we not?—but we would argue that it is long overdue and does not go nearly far enough. The UK Government’s inaction and prevarication have given the oligarchs a head start to shift their assets, to lawyer up, to step down from companies and boards and to saunter unimpeded to their getaway yachts and go to places that will still have them. Co-ordinated and quick global action, including in the overseas territories, could have made this more difficult, as would action on crypto-assets. The recent Treasury Committee report highlighted the growing role of crypto-assets in economic crime.

We support Labour’s calls to cut the registration of overseas entities to four weeks. We all agree that 18 months was ludicrous, but six months still gives people far too long to shift their ill-gotten gains. I would be grateful if Ministers confirmed what they are doing to monitor asset flight, and if they could provide an estimate of how much money has already left. Our amendments 18 to 23 would lower the threshold for beneficial ownership from 25% to 10%. Evidence already points to the threshold being gamed and to people appointing family members and those they can easily control, and the Government need to be aware of that and do more to prevent it.

--- Later in debate ---

The Committee proceeded to a Division.

[The Second Deputy Chairman of Ways and Means (Mr Nigel Evans)]

Order. I understand that some pass readers in the No Lobby are not working, so we are extending the time by which people are able to vote by another two minutes. [Hon. Members: “No!”] That is right—the No Lobby.