Corporate Transparency and Economic Crime

Andy McDonald Excerpts

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

My hon. Friend is right. This idea that the City of London does not want regulation is a travesty and a disgrace. It is a slur on the reputation of our financial services. He is also right to say that there is a distinction to be drawn between what needs to be done immediately and can be done expeditiously, and other matters that need a great deal of thought and consultation, on which I am happy to engage with him and other colleagues.

[Andy McDonald (Middlesbrough) (Lab)]

The introduction of this corporate transparency work is welcome but way overdue; it is a shame that it took the invasion of Ukraine to bring it forward. While he is at it, will the Minister please encourage the chair of his party to conduct a review of the money that has come from oligarchs to Tory MPs and demand to know what was expected of them? Are they going to give that money back?

[Kwasi Kwarteng]

I would like to make a point about donations to political parties. We all know that we do not have state-funded parties. Any citizen can fund and give donations to political parties. I also want to say gently that not every single person of Russian origin is an oligarch. People come here—many of them have British citizenship—and they give freely of their funds.