Economic Crime (Transparency and Enforcement) Bill — House of Lords, 2022-03-14
Topic: Other
Vernon Coaker (Labour, Centre-left): I start by thanking various people—including my family, who put up with me being on the telephone most of the weekend, often to the Minister. It was worth it in the end, as they say On a serious note, I thank everyone. This is a fast-tracked Bill, and that puts pressure on everybody. It is important to thank people at this time; it is a courtesy of the House but an important one to thank the staff, the clerks, the officers of the House and everybody who has enabled us to function in the way that we have and to put this extremely important legislation through the House. We are passing legislation which impacts on millions of people’s lives in this country, across Europe and beyond, and in thanking each other for doing that, we all ought to reflect perhaps a little more than we sometimes do on the enormity of the work that we do and the responsibility that we have. The people we are thanking should realise that they have made things possible in the Parliament of the United Kingdom, and that is something to remind ourselves of I also thank my colleagues: my noble friend Lady Chapman—who as we know has had to give her apologies for personal reasons today, and we wish her well—my noble friends Lord Kennedy and Lady Smith, and Dan Stevens in our office, who has worked tirelessly to keep us informed about the importance of different parts of the legislation I also thank the noble Lord, Lord Fox, and his colleague the noble Baroness, Lady Kramer, and others, for the work that they have done with us; and the many noble Lords across the Cross Benches who have taken the trouble to send me information, talk to me and give me the benefit of their expertise and knowledge. I have been very grateful for that; I hope that it has improved the contributions that we have all made to the House and in the end will improve the legislation that we take forward I thank the Minister again, as I did earlier, and his colleagues on the Front Bench for the co-operation that they have given us. Obviously there have been debates and discussions, but we have all had at the forefront of our minds the need to get the legislation through, and this has been a template for how to do that. I ask him to pass that on to all his colleagues. This is something important for our country This economic crime Bill 1—as we are calling it—needs to be improved, but we should remind ourselves that the bit that needs improving is not the emergency part. We should remind ourselves that we have passed an emergency Bill that allows us to do what we all want: to take effective action against dirty money within London—perhaps it should have been done before, but at least we are doing it now—and send a message to President Putin that he cannot act with impunity on the invasion of Ukraine. We stand united to try to deal with that. On the sanctions part—the real emergency part of the Bill—we all remain united. The message should go out clearly from this House of Lords back to the House of Commons and from us to the people of Ukraine, and to Russia itself As the Minister said, we will be moving from this economic crime Bill to an economic crime Bill 2. I am very grateful for the concessions he made. He will know the disquiet in the House about certain measures in the existing Bill, but he said that he would take that on board and reflect on the opinions expressed. It will allow us to take forward economic crime Bill 2 early in the next Session and build on the work we have done by putting improvements into it. Looking at various Cross-Benchers and around the House, I know that we will end up with a big economic crime Bill 2, which in the end will deliver the sort of legislation we all want to tackle the dirty money in our country I thank everyone again. It has been a pleasure and a privilege to be involved with this and I thank the Minister again for that.