Economic Crime — House of Commons, 2021-12-02
Topic: Mixed Topics
Alison Emily Thewliss (Scottish National Party, Centre-left): I would; we should have strong registration requirements for donations to political parties, and there should be no ways of circumventing them Whether the money turns up as millions of pounds in Conservative party coffers, leads to the House of Lords in the end, or is just laundered from Russia, Uzbekistan, Ukraine or any number of other countries involved in SLPs and money laundering, we should be worried, because this issue goes to the very heart and fundament of our democracy. If we cannot guarantee where the money goes, who it influences, where it ends up and who it benefits, we are in real trouble as a democracy, as well as an economy It is really important that the online safety Bill deals more with frauds, scams and misleading info. As the right hon. Member for East Ham pointed out, if people take out paid advertising that costs a penny, they will get away with a lot more than if they generated it themselves and did not pay for it. That seems fundamentally wrong There is a lot of information being put about out there. Google, Facebook and some other companies have all appeared before us in the Treasury Committee, and they really did not do much by way of accounting for the behaviour of people using their platform for activity such as allowing others to register as company directors, trying to sell goods online and defrauding our constituents, or offering financial advice—that is a regulated sector, which makes that very serious behaviour. No one should be giving financial advice unless qualified to do so, but if hon. Members were to look at Instagram, they would find all number of accounts offering this advice or that advice, saying "Take these shares out" or "Do this and put your money here". All this activity puts people at risk, whether it is user-generated or advertised, and it should be regulated properly so that people cannot use such platforms to defraud others and profit for themselves. The nature of this world is changing. Lots of people are conducting their business on Instagram now, including lots of entirely legitimate people and businesses, many of which suffered when Instagram went down because they could no longer sell their pizzas or whatever they were selling online. We need to be mindful that the platforms have a responsibility to the people who use them to ensure that they cannot easily part with their money and be defrauded. Although faster payments are great in a number of ways in facilitating financial transactions, once that money is gone, it is very hard to get it back At the moment, the banks often get the money back for people, but there is no consequence for the platforms that facilitate the fraud. They do not have to pay anybody their money back. They allow this to happen and they get to just hold their hands up and say, "It’s not our fault. People should know better". That is not good enough. The platforms are facilitating a good deal of this fraud. The Government will be failing in their duty to all our constituents if the online safety Bill does not address those levels of transactions where people are doing lots of business that way nowadays—if it does not hold to account those big, wealthy providers and platforms, both the ones that exist just now and those that will emerge in future, and make sure that they take responsibility for their actions I urge the Government to listen to everybody who has given evidence on this matter to the Treasury Committee, to the Work and Pensions Committee, and to our APPGs—to listen to those experts and not miss this opportunity to take action to protect our constituents, our economy and our democracy.