Tackling Illicit Finance 2022-03-15
2022-03-15
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP is concerned about the measures taken against illicit financial activities, particularly in light of recent events involving Russian oligarchs.
What steps he is taking to tackle illicit finance. But it took a group of anarchists to seize Deripaska's London mansion yesterday, so when will the Minister do what Europe and America have already done and seize rather than just freeze Putin's cronies' assets? When will he close the loopholes that still allow them to escape sanction by putting their assets in their family members' names or using shell companies based in British overseas territories?
We continue to review and reform our regulatory and enforcement approach. We have announced an unprecedented package of sanctions, including against prominent Russian oligarchs. Last night, we brought forward the Economic Crime (Transparency and Enforcement) Act 2022 to crack down further. The Government have worked closely with the US and the EU on a whole range of interventions, including sanctioning 500 individuals and entities, cutting off 3 million Russian companies from capital markets, and seeing $250 billion wiped of Russian stocks.
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Assessment & feedback
The Minister did not address the specific requests to seize assets or close loopholes.
Response accuracy
Q2
Partial Answer
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Context
The MP is concerned about the measures taken against illicit financial activities, particularly in light of recent events involving Russian oligarchs.
But it took a group of anarchists to seize Deripaska's London mansion yesterday, so when will the Minister do what Europe and America have already done and seize rather than just freeze Putin's cronies' assets? When will he close the loopholes that still allow them to escape sanction by putting their assets in their family members' names or using shell companies based in British overseas territories?
We continue to work closely with the US on the expulsion of banks from the SWIFT banking system, cut off 3 million Russian companies from capital markets, and seen $250 billion wiped off Russian stocks. We will continue to work closely with our allies to ensure that our response continues to be comprehensive.
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Assessment & feedback
The Minister did not address the specific requests to seize assets or close loopholes.
Response accuracy
Q3
Partial Answer
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Context
The MP is concerned about the delay in Companies House reforms that could have prevented fraud during the pandemic.
How many Russian-linked individuals and businesses have been wrongly given Treasury-backed covid-related business support?
We worked to give widespread support to lots of individuals across the economy. I cannot give the hon. Lady the exact chapter and verse on individuals who have been supported, but we will continue to work on Companies House reform, which will be the most significant reform of the companies register in 170 years.
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Assessment & feedback
The Minister did not provide the specific number requested or address the improper support issue directly.
Response accuracy