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Speech in Commons Chamber - Thu 22 Oct 2020
Covid-19: Economy Update

"I greatly welcome my right hon. Friend’s statement. The measures he has announced are significant and generous, delivered in a manner that is fast becoming this Chancellor’s hallmark. May I thank him for hearing the powerful arguments advanced by the west midlands Mayor, Andy Street, especially in respect of the …..."
Andrew Mitchell - View Speech

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Written Question
Companies: Registration
Monday 7th September 2020

Asked by: Andrew Mitchell (Conservative - Sutton Coldfield)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to regulate company formation agents.

Answered by John Glen

Company formation service providers are regulated entities under the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The Regulations set out the high-level requirements on regulated firms to combat money laundering and ensure that key professionals identify their customers, understand the purpose behind transactions including the source of funds and have policies, controls and procedures in place to mitigate against the risks of money laundering and terrorism financing they face.

As a regulated entity under the Regulations, company formation service providers must be registered with an anti-money laundering supervisor. Anti-money laundering supervisors must effectively monitor the compliance of regulated entities they supervise. In December 2018, the Financial Action Task Force, the global standard-setter for anti-money laundering and counter terrorism financing (AML/CTF), published its Mutual Evaluation Report of the United Kingdom. It recognised that the UK’s AML/CTF regime is the strongest of over sixty countries assessed by FATF and its regional bodies to date.

Speech in Commons Chamber - Wed 01 Jul 2020
Finance Bill

"I draw the House’s attention to interests, which are set out clearly in the Register of Members’ Financial Interests.

I rise to speak to new clause 33, which was tabled by the right hon. Member for Barking (Dame Margaret Hodge) who, alas, for the reasons set out by the hon. …..."
Andrew Mitchell - View Speech

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Speech in Commons Chamber - Wed 01 Jul 2020
Finance Bill

"Yes, the extractive industry transparency initiative, which has been led by a former Member of this House, Clare Short, for some time, did a huge amount of good as, of course, have open registers, because open registers have continued that agenda of transparency. As I said at the outset, this …..."
Andrew Mitchell - View Speech

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Speech in Commons Chamber - Wed 01 Jul 2020
Finance Bill

"There is an important principle: while commercial confidentiality should not be compromised, we should move to greater transparency to tackle the problems that lie behind what the right hon. Gentleman is saying. I agree with that and I think that there is common cause across the House that that is …..."
Andrew Mitchell - View Speech

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Speech in Commons Chamber - Wed 01 Jul 2020
Finance Bill

"The hon. Member is absolutely right. I think two very good examples are Pakistan, where British techniques and expertise have helped the Pakistan authorities to raise more tax from their citizens, and Rwanda, where Britain helped the Rwandan Government set up a fair and equitable system of taxation that has …..."
Andrew Mitchell - View Speech

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Speech in Commons Chamber - Wed 01 Jul 2020
Finance Bill

"The Minister is getting to the meat of the matter in what he is saying now, but while he rightly extols the virtues of some very good companies that he has named, which voluntarily publish whereabouts in the world their activity is taking place, where their profits are declared and …..."
Andrew Mitchell - View Speech

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Speech in Commons Chamber - Wed 01 Jul 2020
Finance Bill

"I am most grateful to my right hon. Friend for giving way; he is being very generous. This is an ingenious argument that he is putting to the House about restructuring, and it might be helpful to flesh that out in correspondence. The argument about the unilateral and multilateral approach …..."
Andrew Mitchell - View Speech

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Speech in Commons Chamber - Mon 23 Mar 2020
Coronavirus Bill

"The hon. Gentleman may well be right about the Civil Contingencies Act, because the drafter of that legislation has confirmed that that is his understanding—at least, I believe that to be the case. I agree that two years is too long. I would have preferred the amendment tabled by my …..."
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Speech in Commons Chamber - Mon 23 Mar 2020
Coronavirus Bill

"So that I am certain that I have understood the point that the hon. Gentleman is making, is he saying that once the immediate crisis is over anyone who has been sectioned under that regime should immediately be subject to the existing regime?..."
Andrew Mitchell - View Speech

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