Extracts from oral
answer (Lords): Money Laundering
(Lab): In a recent
speech on money laundering, the FCA’s executive director of
enforcement highlighted the emerging risk to consumers of online
offers from unauthorised companies, investment scams and other
too-good-to-be-true propositions. The FCA warning list of such
firms has doubled in just over a year. Can the Minister assure
the House that there are no plans for regulatory easing of money
laundering post Brexit? Will the Government increase the
resources of the Serious Fraud Office and the National Crime
Agency so that they can enforce legislation
effectively and protect the high number of consumers now at
risk?
The Minister of State, Cabinet Office and the Treasury () (Con): My
Lords, as the noble Baroness will probably be aware, in 2018 we
created a helpfully named quango oversight group called OPBAS,
the professional body supervision group. It produces an annual
report, which is always hard hitting on any failures—as indeed
its most recent one was. This illustrates that we are entirely
self-critical, to ensure that we are watching these developments
carefully.
(Lab): My Lords,
in 2018 the National Economic Crime Centre was launched to tackle
fraud and money laundering. Has it brought a single prosecution?
We read reports of banks having potentially forged customers’
signatures on court documents to repossess homes and businesses.
Have the NECC or the FCA brought a single investigation? Is the
Minister content with this state of affairs?
(Con): My Lords,
the National Economic Crime Centre leads and co-ordinates the
UK’s response to economic crime. Prosecutions for economic crime
are pursued by the National Crime
Agency and other enforcement partners. Annually,
some 7,900 investigations, 2,000 prosecutions and 1,400
convictions take place in connection with money
laundering-related activities.
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Extract from end of
business adjournment debate (Commons) on Captain David
Mockett
The Minister for Security and Borders ():...My late predecessor, our
friend , wrote to my hon. Friend
in 2020 in response to his correspondence, as he will recall. As
noted in that letter, the police and the National Crime
Agency are operationally independent, as he noted
in his closing remarks. Ministers do not have the powers to make
a request or direction to them to open an investigation. In our
system, that would not be appropriate...
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