Global Anti-Corruption Sanctions

Baroness Stuart of Edgbaston Excerpts

Tuesday 27th April 2021 Lords Chamber

[Lord Ahmad of Wimbledon (Con) [V]]

My Lords, first, I thank my noble friend for her support. I agree with her, and have already made the point about cryptocurrencies. As these currencies emerge, there is a need to evaluate both their regulation and their impact. I know that people across the piece are being impacted by this evolution. As I already indicated in my original answer, we have provided extra money to Companies House for register reform and transformation work. This will continue to be a key focus in strengthening our work. But I accept the premise of my noble friend’s question and that there is more to be done to strengthen the environment in which we operate, including here in the United Kingdom. We will continue to act, both domestically and internationally, to strengthen regulation in this respect.

[Baroness Stuart of Edgbaston (Non-Afl)]

My Lords, I very much welcome this Statement. The regulations specifically allow for the designation of those associated with those engaged in serious corruption. Could the Government make clear that this includes family members if they benefit from the corruption? In that context, would it be worth reviewing Section 25 and including schools and universities in the list of firms?

[Lord Ahmad of Wimbledon (Con) [V]]

On the second question, I will need to take that back and will write to the noble Baroness on the scope. On the specific actions we have brought forward, there are two key elements: bribery and misappropriation. They relate specifically to individuals, whether it is a person who is working to the advantage of a foreign public official or a foreign public official receiving such an advantage. Misappropriation of a property occurs where a foreign public official improperly diverts property entrusted to them in their official role. This may, in answer to the noble Baroness’s question, be intended to benefit them or a third party. “Property” can include anything of value. As to the scope and how that would be seen, each individual case will be assessed on its individual merits and considerations.