Countering Russian Aggression and Tackling Illicit Finance — House of Commons, 2022-02-23
Topic: Law and Crime
Angela Eagle (Labour, Centre-left): Perhaps the hon. Member should read the report, which is very comprehensive. If he had read it, he would know that it did indeed deal with that issue. It is something that we have been talking about, and our predecessor Committee was talking about, for a very long time, yet there is still no action. Apparently, the Chancellor has put aside a little money and the Government are talking about doing something in 2023-24. Our predecessor Committee was talking about this in 2019. Nothing has happened. Why has nothing happened We urgently need greater transparency, tougher regulation and tougher enforcement. As others have said, we need to introduce an open register of beneficial ownership of companies. The Prime Minister repeats that that is what the Government are doing, but there is no sign of it. David Cameron promised one in 2015 to get him through a G20. The legislation exists in draft—the hon. Member for Glasgow Central (Alison Thewliss) served on the Joint Committee on it and read it in minute detail—but there is still no progress. The Prime Minister reiterated that we were going to have an open register of beneficial ownership of companies to get him through the G7 in 2020, but there is still no sign of it. Why? We have enough time. The Prime Minister has had offers from the Opposition to facilitate the passage of legislation quickly to get it on the statute book, but the will does not seem to be there We need an economic crime Bill. Lord Agnew, who was responsible—you could not make it up, Madam Deputy Speaker—for fighting fraud in the Treasury, resigned at the Dispatch Box in the House of Lords in frustration because he could not perceive any urgency or determination to tackle the rising levels of fraud in the pandemic support schemes. He was so aghast at the lack of willingness there seemed to be in the Government that he felt he had to resign to "smash some crockery", as he put it We need reform of the corporate liability law to crack down on money laundering and facilitation of this kind of crime in the banks. We need to deal with the urgent reform of Companies House. I have already discussed this. It is on the Government’s so-called agenda year after year after year. People can still create a company at Companies House, say that the owner of it is Vladimir Putin or Mickey Mouse and nobody will tell them not to do it. They can then use that to defraud various people and launder their cash. This is a joke and there is still no urgency in dealing with it We need to deal with the fragmentation of law enforcement if we are to deal with economic crime. No one part of the law seems to have any kind of coherent responsibility for enforcing it, so even if we had tougher regulation, we do not have the enforcement muscle to make sure that we get the outcome. Why are the Government dragging their feet? Why are they so ineffectual? Why is there no measurement of the outcome? Why do we have this kind of benign neglect as the forces of darkness gather, as they focus on laundering their dirty money through the City of London? We know how this affects people in terms of property prices. How can we have sanctions if we do not know who owns the companies that the money is flowing through? This has to be dealt with. The problem is getting far, far more urgent than it has ever been before. Our democracy is at stake and we expect this Government, finally, to get off their backside and do something about it.