Contributions
793 recent contributions in Hansard
HANSARDMoney LaunderingMy Lords, I can assure the House that we are absolutely committed to stopping that. I accept that the introduction of the Bill is taking too long, but active discussions are going…13 Jan 2022HANSARDMoney LaunderingMy Lords, more than 97,000 organisations are monitored for money laundering in this country and some 54 anti-money laundering inquiries are open with the FCA at the moment.13 Jan 2022HANSARDMoney LaunderingMy Lords, we have the National Crime Agency as the main crimefighting force in anti-money laundering. It is an extremely effective organisation, and it is well funded. Of course,…13 Jan 2022HANSARDMoney LaunderingIt is important to remind the House that the overseas territories are independent entities and that we cannot just force them to comply with our own regulations. But we have an…13 Jan 2022HANSARDMoney LaunderingI share the noble Baroness’s concern about money laundering getting into the hands of serious organised crime groups, but we are very much aware of such concerns. I do not think…13 Jan 2022HANSARDMoney LaunderingMy Lords, as I am sure the noble Lord will be aware, the City of London is one of the largest financial centres in the world and therefore the flows of money going through our…13 Jan 2022HANSARDFinancial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021I thank noble Lords for their contributions today. Some important points have been raised during the debate. I will attempt to answer them but there may be one or two where I will…30 Nov 2021HANSARDFinancial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021My Lords, the Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations…30 Nov 2021HANSARDFinancial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021That the Grand Committee do consider the Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and…30 Nov 2021HANSARDMoney Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021That the Regulations laid before the House on 1 November be approved.25 Nov 2021HANSARDMoney Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021My Lords, this Government recognise the threat that economic crime poses to the UK and are committed to combating money laundering and terrorist financing. Illicit finance causes…25 Nov 2021HANSARDMoney Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021I thank noble Lords for their contributions and I will try to answer the queries raised. I turn first to the noble Lord, Lord Purvis, and the register of overseas entities’…25 Nov 2021HANSARDMoney LaunderingMy Lords, the right reverend Prelate is right to raise the issues in the Pandora papers and the jurisdictions he refers to, but we are making steady progress in closing the tax…24 Nov 2021HANSARDMoney LaunderingMy Lords, I refer again to OPBAS, whose role is to oversee all the regulators for supervision in this area, including those that the noble Baroness refers to. We will continue to…24 Nov 2021HANSARDMoney LaunderingMy 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…24 Nov 2021HANSARDMoney LaunderingMy noble friend is right to be concerned about the vigilance we need to deploy in this area, because it is a fast-moving target. We are always reviewing the situation. In July…24 Nov 2021HANSARDMoney LaunderingMy Lords, it is a harsh judgment to say that we are a honeypot for international money launderers. We are one of the largest financial centres in the world, so the volume of money…24 Nov 2021HANSARDMoney LaunderingMy Lords, the noble Lord tells only part of the story. A number of major fines have been imposed on financial institutions in the last few years: Deutsche Bank, £160 million in…24 Nov 2021HANSARDMoney LaunderingMy Lords, it is extremely difficult to get the balance right, because the banks are damned if they do and damned if they do not. I am sorry the noble Lord had personal…24 Nov 2021HANSARDMoney LaunderingMy 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…24 Nov 2021