Extract from
consideration of Commons reasons to the National Insurance
Contributions Bill
(Con):...We have
also published details of further upcoming legislation, including
fundamental reform of Companies House, enhanced
information-sharing powers and new powers to seize crypto assets,
which are designed to clamp down on money laundering and illicit
finance. The Prime Minister also confirmed that 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, which means that oligarchs in
London will have nowhere to hide. These measures are good news
for the UK, enhancing our already strong reputation as an honest
and trusted place to do business...
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Extracts from committee
stage of the Economic Crime (Transparency and Enforcement)
Bill
(Lab):... We are dealing with
sophisticated crooks. In the past they have been successful in
subverting our financial system by providing inadequate,
misleading or downright false information to Companies House,
which has meekly accepted it. The crooks will try to do the same
in the future, perhaps especially with respect to the information
required as a result of the Bill. The only way to prevent the
objectives of the Bill being undermined is to have in place the
best possible system of data verification. What does that
involve? It involves forensic accountants using the wide range of
electronic information systems that is available today,
reinforced by the National Crime
Agency backed up by agreed information gateways
with fellow regulators in other jurisdictions and with foreign
economic crime enforcement agencies such as the FBI, and, of
course, supported by our own security services. It is quite
obvious that that sort of programme can be conducted only by an
official public agency—an official public registrar...
(LD):...Clauses 47 and
48 reflect a recognition that significant and deterring costs
have made enforcement authorities reluctant to utilise
unexplained wealth orders in their current iteration. Only nine
UWOs, relating to four cases, have been obtained by
the National Crime
Agency since this investigative tool was introduced
in January 2018. The unsuccessful UWO application in the Aliyev
case, which I mentioned at Second Reading, left the
NCA facing £1.5 million in legal costs...
(Lab): My
Lords, I will be brief. I have listened very careful to the noble
Lord, , and my understanding is
that the Government are seeking to protect the enforcement
bodies, such as the National Crime
Agency from the costs of legal action. Clearly, it
is important to provide these agencies with an element of cover
from being pursued for costs, as they must be free to investigate
activities as they see fit and not fear the potential costs of
bringing what they believe to be a legitimate case. As we have
heard already tonight, the resources available to those being
investigated is often hugely significant...
(CB):...Since I get only
bite of the cherry and have an amendment coming up in my name, I
will tackle both Amendments 93 and 95 on resources. It is widely
acknowledged and was highlighted emphatically by speakers at
Second Reading that the resourcing of those responsible for the
difficult work of identifying, investigating and prosecuting
those covered by the Bill are currently inadequate. In the
Minister’s letter of 11 March, which I referred to earlier, page
6 refers to an overall package of £400 million and the creation
of a kleptocracy cell in the National Crime
Agency and says that the NCA has
“surged additional officers”. I am aware that the
NCA has obtained fewer than five prosecutions
for economic crime offences in the last five years and has seen
its budget cut, despite calls for increases. The number of
investigators at the proceeds of crime centre has declined,
despite Parliament raising concerns. I simply do not know whether
the resourcing now referred to is sufficient, but I am told that
a figure of £1.7 billion is a more realistic amount to get this
job done...
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