Economic Crime (Transparency and Enforcement) Bill

Nusrat Ghani Excerpts

Committee stage
Monday 7th March 2022 Commons Chamber

[Sir Iain Duncan Smith]

I am grateful to my right hon. and learned Friend. I always bow to him in the knowledge of the law, as of course I would. I thought he was an excellent Justice Secretary—I will just slip that one in, gratis, and I am sure he can dine out on it. I agree with him wholeheartedly, because what he says is right. I will come back to the flexibility that is required, but I come to the principle of what we are saying. We are seeking to strike out that little lacuna that results from the words “knowingly or recklessly”. That would make this about the responsibility of the person concerned and that would be it—there would be no let-outs, no issues and no quibbling. This is the key. Everything in the other amendments is relevant to it; they merely backfill various areas, and it is important that they should refer to clause 31. They make it clear that responsibility rests with the individual—the entity, should I say—in this particular case.

[Ms Nusrat Ghani (Wealden) (Con)]

It is important to note that these amendments in my right hon. Friend’s name, my name and those of others do not set us apart from is happening in the rest of Europe and in America. America is applying the same principles. Although the Bill closes the front door on much of Putin’s dirty money, we must ensure that no back door is open. We should therefore be working in line with our NATO allies, and with many other European colleagues as well.

[Sir Iain Duncan Smith]

That is exactly correct. All we are doing is asking for the UK to be at the same level as the United States, and I do not think that that is asking too much. I am co-chair of the all-party parliamentary group on Magnitsky sanctions, and this is very much what we are driving at. In fact, I love the idea that an individual who is sanctioned in the United States should be sanctioned here, and that if we sanction individuals the United States should sanction them as well, and that the same should happen in Europe. We would have this common purpose: there is nowhere for those people to go. They are sanctioned, full stop, and they cannot use their ill-gotten money anywhere.