Financial Transparency: Overseas Territories Debate
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Jo Platt
Main Page: Jo Platt (Labour (Co-op) - Leigh and Atherton)Department Debates - View all Jo Platt's debates with the Foreign, Commonwealth & Development Office
Financial Transparency: Overseas Territories
Jo Platt Excerpts(1 day, 7 hours ago)
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Jo Platt (Leigh and Atherton) (Lab/Co-op)
It is a pleasure to serve under your chairship, Mr Twigg. I begin by paying tribute to my hon. Friend and constituency neighbour the Member for Bolton West (Phil Brickell) for his work in this House and outside it to combat fraud and corruption. His steadfast resolve is to be commended. I have probably wasted half my time saying that, but it needed saying.
As we have heard, financial secrecy in Britain’s overseas territories and Crown dependencies enables tax abuse, fraud and organised crime, draining billions from public coffers and weakening enforcement, but I shall talk about the impact that it has on our towns locally. In Leigh and Atherton and across our country, our high streets are being hollowed out by rogue traders using these opaque corporate structures. Dodgy vape shops, fake candy stores and unlicensed barbers are increasingly used to launder money, sell illicit goods and evade scrutiny. These businesses often phoenix overnight, reopening under new names to dodge enforcement. They damage the reputation of our town centres and erode public confidence.
That is why, like my hon. Friend the Member for Bolton West, I want to highlight Operation Machinize, a multi-agency crackdown led by Greater Manchester police, co-ordinated by the NCA and supported by trading standards and our local authority teams. Across Greater Manchester, including Leigh, over 100 premises were targeted. The operation led to arrests, closure orders and the seizure of illegal vapes, illicit cigarettes and counterfeit goods. I thank all those involved.
Despite such action, the activity carries on and the authorities’ hands are tied. My office supported a raid in Leigh. It took over year to build the evidence and it was very clear, yet the business was reopened within an hour. That is why I have joined forces with my hon. Friend the Member for Great Grimsby and Cleethorpes (Melanie Onn) to launch a national campaign calling for stronger powers, better co-ordination and real accountability. Our communities deserve better.