"Q One of the things we have talked about with every witness—you will probably give a similar answer, Mr Swabey—is that we all want to see Companies House resourced to be able to carry out the requirements in the Bill. One witness this morning made reference to the sheer …..." James Daly - View Speech
"Q In layman’s terms, and very briefly, if I want to register a legal entity and I employ you or somebody else to do that, what information is submitted to Companies House?
Peter Swabey: You have to name the directors. You have to give some sort of evidence that …..." James Daly - View Speech
"Q So such a process—light-touch regulation at its finest—is certainly open to fraudulent activities.
Peter Swabey: I think it is fair to say that at the moment it is nothing like as secure as any of us would like it to be, and the Bill is a big step …..." James Daly - View Speech
"Q Catherine, thank you very much for giving evidence; what you have said is very helpful. You have investigated these matters and looked into them. You have talked about Companies House, which is a central part of this legislation, and we have talked with other witnesses about what needs …..." James Daly - View Speech
"Q On top of all the very important points that you have made, I think one of the things that I am left with from your evidence, Catherine, is that we have to ensure that the information-sharing links between Companies House and financial institutions are strengthened. Companies House was …..." James Daly - View Speech
"Q Thank you for that, Jason. You have given an example already, but I was wondering about the international context. We have Companies House. Can you give me an example of the equivalent in European countries or America and the difference you perceive between our Companies House and theirs?
"Q That was my point, really. We have accepted the point about resources, but Companies House was described by one of the directors we heard from as a passive organisation in respect of these issues. I just wondered whether in other jurisdictions, say France or Germany—and I don’t know …..." James Daly - View Speech
"Q Forgive my naivety, but it usually takes a company or a legal entity about 15 minutes to register with Companies House. The intention behind that is for money laundering purposes. I am assuming—forgive me if I am wrong—that when Fred Bloggs and Co. was set up, the people …..." James Daly - View Speech
"Q Just in general, using the banks as an example, should we be looking to put in the Bill requirements for them to play their part in the partnership to tackle money laundering?
Professor Jason Sharman: Again, banks have had these requirements to establish the beneficial owners for a …..." James Daly - View Speech
"In 2020, Greater Manchester police was put into special measures in part, certainly, due to a lack of accountability and scrutiny. Importantly, as has been highlighted, there was also a lack of care and services towards the victims of crime. Since, steps have been taken by the Minister and others …..." James Daly - View Speech