Corporate Transparency and Economic Crime

Sammy Wilson Excerpts

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

My right hon. Friend is absolutely right. He says it may take a few months to get the register up and running, and I am trying to make the process as quick and effective as possible. He also mentions that we must not have a disproportionate effect, that we must not overburden small business people and people who want to incorporate and set up businesses, and we will not be doing that. I would be happy to work with him, as he did brilliant work in government, to make sure the Government get this right.

[Sammy Wilson (East Antrim) (DUP)]

It is a pity that it has taken a war in Ukraine to bring forward these measures. Irrespective of that, I have some concerns. First, the statement made no mention of what resources will be available to check whatever information is registered. Secondly, there is no indication of what will be done against those who facilitate money laundering in the first place—the whole professional industry engaged in that. Lastly, change is needed in the legal system to stop long, costly and complicated legal battles in court.

What discussions has the Secretary of State had on this with the Northern Ireland Executive? We do not have Russian oligarchs, but we have plenty of home-grown people who launder money from criminal activities using their past terrorist connections. That needs to be dealt with, too.

[Kwasi Kwarteng]

As I noted, observed and made very clear, we have a spending review settlement of £63 million for Companies House, which is a considerable uplift on previous budgets. There is a commitment to make sure we have the resources to police this new regime.

We speak to colleagues in the devolved Administrations all the time, and I am even happy to discuss these issues with the right hon. Gentleman, should he be so minded.