Commons Sense

House of Commons · Ministers' Questions

Illicit Finance

Tuesday 6 September 2022 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 1 Not answered 0

Key points

  • The UK has strengthened its system for combating international illicit finance through the Economic Crime (Transparency and Enforcement) Act 2022.
  • The Financial Action Task Force found that the UK had one of the strongest systems for combating money laundering in the world.
  • The government plans to take further action through corporate transparency reform and the introduction of the economic crime legislation.

Topics (select to filter)

Questions & Answers

Q1 Gavin Newlands SNP
Taxation Foreign Affairs
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.

Question

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.

Answer from 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.

Answered
Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email
Q2 Gavin Newlands SNP
Foreign Affairs
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.

Question

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.

Answer from 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.

Partly answered

Not addressed: Establishing an independent anti-illicit finance commissioner

How: I Find It Slightly Difficult To Accept The Premise Of The Hon. Gentleman'S Question

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email