Economic Crime (Transparency and Enforcement) Bill

Debate between Paul Scully and Matt Hancock

2nd reading
Monday 7th March 2022 Commons Chamber

[Paul Scully]

I thank the hon. Gentleman for raising that because the now shadow Chancellor boasted afterwards how she managed to weaken the Government’s approach during the passage of that Bill. I believe we have gone as far as we can, but we need more measures, which is what today is all about. This is the first half of those measures to make sure we can introduce the remaining economic crime Bill, which includes Companies House reform.

We have tabled an amendment to reduce the transition period from 18 months to six months, but I will outline a little further how we can make this work effectively to ensure that people cannot just move money out of this country.

[Matt Hancock]

Will the Minister welcome the conversion of the Labour party to supporting strengthening the sanctions regime, because a strong Bill was introduced in this House by the then Foreign Secretary, but it was watered down in the House of Lords with the support of the Labour party? I do not like to make party political points out of this because we should be united on it, but that is a matter of fact.

Economic Crime: Planned Government Bill

Debate between Paul Scully and Matt Hancock

Wednesday 26th January 2022 Commons Chamber

[Paul Scully]

What I am not going to do is pre-empt Her Majesty.

[Matt Hancock (West Suffolk) (Con)]

May I associate myself with the remarks praising Lord Agnew, who has done great service in government? Will the Minister ensure that, at the same time as he develops this policy, we ensure that the UK is also home to new innovations such as fintech and the extraordinary growth of cryptocurrencies? Those innovations have the potential to disrupt finance just as social media has disrupted communications and online shopping has changed retail. Post Brexit, the UK has the chance to be the home of fintech, which not only can be an economic driver, but can help to cut fraud and financial crime because of the transparency it brings. Will he make sure that we get this right and that new legislation is fit for the future, so that Britain can be the home of this revolution?

[Paul Scully]

My right hon. Friend is absolutely right. We have to get the legislation right, not only because we want to tackle economic crime, but because we do not want to stifle innovation and the investment in this country that makes us the highest receiver of foreign direct investment in Europe and one of the highest across the world. This is a great place to do business, to set up, grow and scale up.