Corporate Transparency and Economic Crime Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Stephen Flynn
Main Page: Stephen Flynn (Scottish National Party - Aberdeen South)Department Debates - View all Stephen Flynn's debates with the Department for Business, Energy and Industrial Strategy
(2 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Kwasi Kwarteng
My right hon. Friend the Minister for Security will address some of those issues in his Department. There is legislation currently under consideration that will give more powers to enforcement agencies. As far as my Department is concerned, we have campaigned successfully for more resources for Companies House so that it can become a much more effective watchdog than it currently is.
Stephen Flynn (Aberdeen South) (SNP)
There is something particularly brazen about a Secretary of State whose Government have overseen this very city being referred to as a laundromat saying in his statement that his Government are at the forefront of this agenda. Nothing could be further from the truth. I have a simple question for him on this topic: what financial penalties await those who seek to frustrate the register?
Kwasi Kwarteng
As I have said a couple of times, we did lead the way on SWIFT. I think that has been very effective in terms of the response of the German Government and my understanding is that they have shifted. I make no apology for defending London as a hub of capital, but we need to root out kleptocrats and dirty money.