Commons Sense

Hansard-based summaries and metrics

Illicit Finance 2022-09-06

2022-09-06

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Questions & Answers

Q1 Direct Answer
Gavin Newlands
▸ Context
The question arises from a critique that the UK's efforts to combat illicit finance were not adequately prioritised before Russia's invasion of Ukraine.
What recent steps have the Government taken to help tackle global networks of illicit finance? The issue stems from criticism that the UK's approach was inadequate prior to Russia's invasion. The questioner seeks specific actions and measures implemented by the government in response.
Vicky Ford
The UK has one of the strongest systems for combating international illicit finance—a system that, since Russia's invasion of Ukraine, we have further strengthened under this Government through the Economic Crime (Transparency and Enforcement) Act 2022. Through the Russian elites, proxies and oligarchs taskforce, we work closely with international partners to ensure there is nowhere for dirty money to hide overseas.
▸ Assessment & feedback
Response accuracy
Q2 Partial Answer
Gavin Newlands
▸ Context
The follow-up question is based on the criticism that despite recent measures, there remains a serious and entrenched problem with illicit finance in the UK.
While welcoming sanctions against Russia, the questioner points out they do not address the UK's ongoing issues with illicit finance. The questioner proposes establishing an independent anti-illicit finance commissioner to strengthen national financial infrastructure and hold the government accountable.
Vicky Ford
The Financial Action Task Force's previous review found that the UK had one of the strongest systems for combating money laundering in the world. We have introduced the Economic Crime Act and will take further action through corporate transparency reform and the introduction of the economic crime levy. We are working in partnership with many countries across the world to tackle illicit finance.
▸ Assessment & feedback
Establishing an independent anti-illicit finance commissioner
I Find It Slightly Difficult To Accept The Premise Of The Hon. Gentleman'S Question
Response accuracy