Economic Crime (Transparency and Enforcement) Bill — House of Commons, 2022-03-07
Topic: Mixed Topics
Stephen Mark Flynn (Scottish National Party, Centre-left): I have been listening closely to a lot of the contributions made by Members across the House. It is important to reflect on the fact that this Bill is an important piece of legislation, and one that is clearly long overdue. Will it have an impact on the situation as it stands—the invasion of Ukraine and the mindless slaughter of its people? I sincerely hope it will This is also a time for reflection, and for the Government in particular to reflect on how we have found ourselves in this situation. As my hon. Friend the Member for Stirling (Alyn Smith) said, this is not a time for self-congratulation. The issues dealt with in the Bill are not new: they have been spoken about for years upon years, because this Government have wilfully—I repeat: wilfully—presided over this city becoming a laundromat. They have been content to allow that to happen. Despite all the outrage from politicians, civic society and some financiers, not a single finger was lifted. We had the Russia report, the Intelligence and Security Committee report that has been mentioned at length and the promises from Prime Ministers now long gone past, and we had the Panama papers not that long ago—I think it was about four years ago—with 11.5 million documents highlighting corruption and how those with vested interests facilitate it, yet we still had absolutely nothing from this Government. This is not a time for self-congratulation; this is a time for head shaking, reflection and a promise to do better Does the Bill do better? Of course it does better than nothing, but will it be the panacea? Will it be the thing that delivers the change we all want to see? Like I said earlier, I sincerely hope that it does, but I am somewhat sceptical. My scepticism sits not just in the fact that this is the very same Government who have overseen much of this laundromat corruption within the City, but in the question of how we make the Bill function, which is raised by some of its details. The hon. Member for Basildon and Billericay (Mr Baron) rightly spoke about this in his remarks. There is nothing in the Bill on funding. Is the enforcement going to be clear? Will it happen swiftly? Will those involved seriously face the wrath of the law in good time and in time enough to have an impact on the situation as it stands at this moment There are some positives, such as the situation in relation to sanctions. Subsequent to the initial drafting of the Bill, the Government came forward with additional new clauses that outline how we will be able to sanction in timely collaboration with our partners elsewhere in the world, and we should be grateful for and positive about that step, which is to be encouraged, but that stands alone from a lot of the Bill. I still genuinely believe that individuals—in particular those who are linked to the Kremlin, who have hidden their money and who have stolen their money—will be using the time it has taken for this Government to put these measures in action to hide their money. Much of it will already be gone. That is why time is so crucial in all this. I sincerely urge the Minister to reflect on the fact that not only did his Government think it acceptable for 18 months to pass before people had to acquiesce to what the Government are seeking to do here, but they now think that six months is suitable. I simply ask: will six months help those in Ukraine?