Extracts from Lords
repeat of Commons statement on Ukraine
(LD): My Lords, when
we eventually get the economic crime Bill, it and other similar
legislation will be welcome, but critics would say that the
challenge is enforcement. Do the Government plan to boost the
resources of bodies such as the National Crime
Agency the Serious Fraud Office, HMRC and the
Financial Conduct Authority to allow them to crack down on the
abuses we see in London and the UK?
There is a very good article in the Telegraph today which reminds
us that it is not just cash that is being invested in
Londongrad:
“Russian reputations have also been polished, courtesy of
London-based PR and libel law firms to whom the oligarchs pay
generous fees”
to protect both their image and the Kremlin’s. Specifically, will
the Government tackle the abuse of libel laws to stop this
crushing of free speech and criticism?
(Con): I
thank the noble Baroness. Before I answer her points, I should
say that I was a bit out of touch. It looks as if the football
tournament has already been moved. I was not aware of that. This
is good news. I hope that my noble friend is pleased.
As the Statement mentioned, we are setting up a new, dedicated
combating kleptocracy cell within the National Crime
Agency We have ensured that it is staffed with
both the resources and the people it needs to do its important
work. We have done a lot in this area. For instance, the Criminal
Finances Act 2017 has allowed us massively to step up our
recovery of criminal assets. We seized £1.3 billion between April
2015 and 2021. We have also conducted around 7,900
investigations. There have been 2,000 prosecutions and 1,400
convictions annually for stand-alone money laundering or where it
was the principal offence. Our record shows that we are committed
to putting money into this area. We have also committed £400
million to tackling economic crime during the next three years
through our new anti-money laundering levy...
For context, CLICK HERE
Extracts from Commons
statement on Ukraine
The Prime Minister ():...We are bringing forward
measures on unexplained wealth orders from the economic crime
Bill, to be introduced before the House rises for Easter, and we
will set out further detail before Easter on the range of
policies to be included in the full Bill in the next Session,
including on reforms to Companies House and a register of
overseas property ownership. We will set up a new dedicated
kleptocracy cell in the National Crime
Agency to target sanctions evasion and corrupt
Russian assets hidden in the UK, and that means oligarchs in
London will have nowhere to hide...
(Isle of Wight) (Con): I
thank the Prime Minister for his words and, if I understood
correctly, his early commitment to an economic crime Bill and a
kleptocracy cell. In relation to that, will there be a foreign
lobbying Bill? Will there be amendments to LIBOR and the Data
Protection Acts to stop unscrupulous law firms from offering
intimidation services to oligarchs and kleptocrats? Will the
NCA be properly funded, as the Intelligence and
Security Committee report suggested, so that it can take on the
kleptocrats, the autocrats and the oligarchs in this country?
The Prime Minister: As I said in my statement, we are
setting up a new combating kleptocracy cell in the National Crime
Agency to target the very individuals mentioned by
my hon. Friend.
(Kingston upon Hull North)
(Lab): To follow up on the question from the hon. Member for
Isle of Wight () about the combating kleptocracy
cell in the National Crime
Agency may I seek from the Prime Minister a view
on whether additional powers and additional resources will be
required for the NCA to do its work?
The Prime Minister: I thank the right hon. Lady very much
for her question. Of course, the NCA has plenty
of existing statute, but among its additional powers will be the
ability to peel back the façade of ownership, which will be
extremely valuable.
For context, CLICK HERE
