Catherine West
Main Page: Catherine West (Labour - Hornsey and Wood Green)Department Debates - View all Catherine West's debates with the Home Office
Money Laundering
Catherine West Excerpts(6 years, 1 month ago)
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Mr Wallace
The relevant part of the Home Office keeps a continual check on existing visas and new visa applications, and we will of course make sure that when something is wrong we take action either to remove a visa or prevent one from being issued.
Catherine West (Hornsey and Wood Green) (Lab)
A recent review of legal practices showed that only one third of them had taken the mandatory risk assessment approach to money laundering. What can be done to further push legal and accounting firms to do the right thing in the City of London?
Mr Wallace
The hon. Lady makes a very important point. I am leading the SARs reform programme, which we think will address the problem of “quantity not quality”. We want to ensure that those who submit suspicious activity reports do some of the work and to ensure that they produce reports of good quality, so that we can act on them. They have been used too defensively: banks have just loaded them up and left it to the operational partners to sift through them. We are also working with the regulators to ensure that we send strong messages to all the other facilitators who for too long have been let off taking a strong role in stopping money laundering.