Extract from Commons consideration of the Draft Crime (International Co-operation) Act 2003 (Designation of Participating Countries) (England, Wales and Northern Ireland) Order 2022 - Oct 26

Holly Lynch (Halifax) (Lab):...The provisions on information relating to banking transactions are certainly welcome. The National Crime Agency has warned that billions of pounds in dirty money flow through the UK every year. Recent data published by Experian shows that fraudulent activity costs the UK £190 billion per year. The measures in the National Security Bill and the Economic Crime and Corporate Transparency Bill, alongside the provisions in the draft order, are a long-overdue start on getting a grip on illicit finances...

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