Paul Sweeney
Main Page: Paul Sweeney (Labour (Co-op) - Glasgow North East)Department Debates - View all Paul Sweeney's debates with the Home Office
(6 years, 1 month ago)
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Mr Wallace
The hon. Lady makes a very important point. I am leading the SARs reform programme, which we think will address the problem of “quantity not quality”. We want to ensure that those who submit suspicious activity reports do some of the work and to ensure that they produce reports of good quality, so that we can act on them. They have been used too defensively: banks have just loaded them up and left it to the operational partners to sift through them. We are also working with the regulators to ensure that we send strong messages to all the other facilitators who for too long have been let off taking a strong role in stopping money laundering.
Mr Paul Sweeney (Glasgow North East) (Lab/Co-op)
The Minister was not able to respond immediately to the question from my hon. Friend the Member for Edinburgh South (Ian Murray) about Scottish limited partnerships and their ownership structure, perhaps because 71% of SLPs are registered in anonymous overseas companies and tax havens such as the British Virgin Islands. When will he legislate to bring SLPs within the scope of the persons of significant interest register to ensure that there is real transparency and to stop the siphoning of money?
Mr Wallace
I think that I did answer that question and the one asked by the hon. Member for Dundee East (Stewart Hosie). I made the point, as the hon. Gentleman has, that the vast majority of such arrangements are being used not by Scottish companies but by overseas companies. We are working with the Department for Business, Energy and Industrial Strategy to ensure that we get this right, but I am keen for measures to be introduced to stop their use by organised criminals around the world.