Serious Fraud Office

Debate between Helen Grant and John Hayes

Tuesday 3rd June 2025 Westminster Hall

[Helen Grant (Maidstone and Malling) (Con)]

It is a pleasure to serve under your chairmanship, Sir John. I congratulate the hon. Member for Hendon (David Pinto-Duschinsky) on securing such an important debate, on an issue that affects all our constituents.

In our time in government we took decisive action to combat fraud, including benefit fraud, and economic crime. Following Russia’s invasion of Ukraine, we introduced the Economic Crime (Transparency and Enforcement) Act 2022. That legislation enabled faster sanctions against oligarchs, and removed barriers to the use of unexplained wealth orders. In 2023, the Economic Crime and Corporate Transparency Act received Royal Assent. That legislation further enhanced the UK’s ability to target organised criminals and those seeking to abuse our open economy. New powers were given to Companies House to stop criminals using false names or registering companies with fictitious characters. The legislation was welcomed by many, including the Law Society and the Institute of Chartered Accountants.

In 2019, the Government published the economic crime plan 2019-2022. The plan represented a step change in our response to economic crime, and had 52 action points and seven strategic priorities. It was followed by the economic crime plan 2 in March 2023, which the hon. Member for Hendon assured me he has read in full. The second plan aimed to deliver real-world outcomes, and

“to cut crime, protect our national security, and support the UK’s legitimate economic growth”.

The Association of British Insurers called the plan

“a landmark in the fight against economic crime.”

In May 2023, the Government published a fraud strategy. It outlined the actions that the Government would take to further reduce fraud. It was especially welcomed by the Crown Prosecution Service and the City of London police for the additional investment it proposed. In February 2024, the Home Office announced that fraud had been reduced by 13% since the launch of the strategy.

Clearly, good progress was made by the Conservative Government during our time in office—but there is, of course, always more to do, so I have some questions for the Minister. I appreciate that she may not be able to answer them all today, given the time, so I would welcome her response in writing in due course.

What steps is the Minister taking to improve the number of prosecutions undertaken by the Serious Fraud Office and the speed at which those prosecutions progress? Is she confident that the SFO has the technical knowledge and digital technology for cryptoasset-related fraud? Does she agree that deferred prosecution agreements should be used more frequently to ensure swift justice and financial resolution for victims? What steps are the Government taking to ensure that the enhanced powers given to Companies House under the Economic Crime and Corporate Transparency Act are effectively implemented? Finally, will she assure the House that her Government will maintain the important momentum established by the Conservative-led economic crime plans?

Tackling fraud and economic crime is about safeguarding the livelihoods of our constituents and businesses across the UK. We remain absolutely committed to ensuring that the UK is a safe place to do business and we urge the Government to build on the robust foundations that we laid during our time in office. We will continue to hold the Government to account and push for stronger enforcement, greater transparency and more effective prosecution of economic crime.

[Sir John Hayes (in the Chair)]

Before I call the Minister, I ask her to leave a few moments for the Member in charge to wind up the debate and for me to put the Question.