Economic Crime — House of Commons, 2021-12-02
Topic: Law and Crime
Lee Benjamin Rowley (Conservative, Centre-right): Thank you, Madam Deputy Speaker, for the opportunity to contribute to this debate; it has been a good and constructive one and I am grateful to all those who have contributed. In particular, I congratulate the right hon. Member for Barking (Dame Margaret Hodge), who has done extraordinary work in this area for so many years, first on the Public Accounts Committee—I had the privilege of sitting on it a few years after the right hon. Lady, but her reputation went beyond her time there—and now in the all-party parliamentary group on anti-corruption and responsible tax that she is pursuing. I also pay tribute to my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake) for the extraordinary work he continues to do for so many people, referred to by other hon. Members today, through his all-party parliamentary group on fair business banking. I thank them both for securing this important debate I have heard many important points today underlining the evils and dangers of all forms of economic crime—fraud, corruption, tax evasion, laundering, terrorism, potential people-trafficking, organised crime, drugs and the expropriation of public money. I agree with them. Economic crime is every bit as insidious as hon. Members have so cogently argued today. I reiterate that the Government are committed to continuing to build a framework that will deter such crimes and provide the genuine accountability that hon. Members have so accurately outlined through this short debate Several hon. Members have outlined some of their own personal experiences from their constituencies, and I know and accept that economic crimes not only represent a significant cost to the economy, but have real-life implications for individuals out there. That is something we must not forget about. I have seen it in my own constituency; just a few months ago I dealt with a gentleman from one of my towns, Killamarsh, who had had £20,000 taken from him in a telephone-based scam. We had to struggle to get that money back from the bank in the first place, but it should not be the responsibility of the individual, and the individual should not have to engage with their Member of Parliament, to get that money back through those processes. The money should never be taken in the first place, and we should prevent such problems before they happen On that basis, I accept the challenge here but, without taking anything away from the valuable and important points made today by all hon. Members, I highlight that it is important that the Government pursue a targeted and proportionate level of enforcement, focusing on achieving compliance from companies. I do not think anyone here today would disagree with that in principle. We must seek to counter financial crime, but we must also seek to protect the dynamism of the UK’s business environment The overwhelming majority of the UK’s 4.5 million companies contribute productively to the UK company, abide by the law and make a valuable contribution to society, and our responsibility to them is as important as the absolute requirement to crack down on the small minority who misuse the system. We must not undermine the strengths of our current systems nor overburden the law-abiding majority Notwithstanding that, the Government are committed to increasing the transparency of business so that those behind the abuse of companies can be identified and our law enforcement bodies can access the information to support their investigations. I know the main question today is one of timing; it is a question of how quickly we get there, and I appreciate the exhortations from hon. Members across the House. I assure them that both the Department I represent and the Government as a whole are working hard to bring forward appropriate measures as soon as we are able. We are taking it seriously, and further information will come forward on that as soon as possible I highlight that because it should be clear, based on things we have already done, that the intention is moving in the direction hon. Members want. Consultations were published a couple of months ago, and the Department has published responses on limited partnership reform, increasing transparency, and reforming the powers and role of Companies House—something the right hon. Member for Barking has highlighted throughout the debate. Members have seen a draft Bill to increase the transparency of overseas companies that own property in the UK, as referenced throughout the debate. As Members will know—many Members in the Chamber have been here longer than I have—by convention, the Queen’s Speech outlines the point at which the legislative programme comes forward, and we will do that in due course. I assure the House of the Government’s commitment in that regard.