David Rutley
Main Page: David Rutley (Conservative - Macclesfield)Department Debates - View all David Rutley's debates with the HM Treasury
Money Laundering: British Banks
David Rutley Excerpts(7 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Simon Kirby
In this alleged case, my understanding is that the bodies used were limited companies, not limited partnerships. Last year, BEIS introduced the register of people with significant control, and we will be consulting shortly on UK property-owning foreign companies. That is a step forward.
The hon. Gentleman mentioned the limited partnership consultation; I am sure that any right hon. or hon. Member who wants to write to the Secretary of State for Business, Energy and Industrial Strategy can do so. It is also appropriate to say that we are world leaders in financial regulation. The FCA does a good job, is held in high regard by the rest of the world and strikes the right balance between consumer protection and fairness.
David Rutley (Macclesfield) (Con)
My hon. Friend takes this issue seriously. Will he tell the House how unexplained wealth orders will prevent criminals from using the proceeds of crime in the UK?
Simon Kirby
My hon. Friend raises an important part of the Criminal Finances Bill, which is going through the other place as we speak. I look forward to its receiving Royal Assent and becoming law, giving new law enforcement powers to stop any of this activity.