UK lawmakers call for anti-money laundering law

Seventeen Tory lawmakers wrote to the prime minister this week asking him to prioritize legislation to tackle economic crime during the current House of Commons session, including creating a register of foreign entities that own property in Britain. “Economic crimes and illegal financing of organized crime, terrorists and other malicious actors in the UK, they undermine good governance and trust in our economy and tarnish our global reputation,” the letter said. . Kevin Hollinreke, co-chair of the All-Party Parliamentary Group on Fair Business Banking, led efforts to secure the signing. The UK’s National Crime Agency has estimated that money laundering costs the UK around £100 billion ($134 billion) a year. As part of an effort to eradicate this, successive Conservative governments have pledged to create a register that identifies the ultimate owners of UK property where land is registered in the name of a foreign company or entity. Although a bill was issued in 2018, it has not yet been converted into law. “The law is strong, has already attracted the support of all parties and needs to be prioritized,” the Deputies wrote. “This will build on the UK’s international leadership in for-profit ownership transparency,” he said, adding that it will also reduce the risk and cost of due diligence for investors. The call comes amid a backdrop in which lawmakers themselves are under pressure after Boris Johnson’s failed attempt to revise parliamentary standards to protect his friend Owen Patterson from sentencing last week pleaded guilty to breaking rules on advocacy of payments. After leaving, using his role as a Member of Parliament to support companies that were otherwise paying him. For several months, several potential conflicts of interest from lawmakers have undermined Johnson’s own popularity.

See also  Homeless man finds mystery creature 'as big as a Greggs coffee lid' in the street

Pandora’s papers

The Anti-Corruption and Responsible Taxation Agency, a group led by Kevin Hollinreke and headed by Labor MP Margaret Hodge, issued a statement Friday saying more than 40 multiparty lawmakers withdrew the call for the law. “The recent Pandora Papers leak has once again placed the UK and our offshore tax haven at the center of the global dirty money crisis,” Margaret Hodge said in the statement. “The government must seize this opportunity and urgently introduce legislation that will end the abuse of UK property and businesses for the purpose of economic crime.

Just last week, Trade Minister Paul Scully gave a written statement to parliament that the creation of the register would “strengthen our already influential controls” and that legislation would be introduced “as soon as parliamentary time permits”. Apart from the publication of the Bill, the government plans to strengthen the role played by the organization that records information about companies and makes them accessible to the public. Proposals include verifying the identities of those who run or control the business and increased powers to query and challenge the information submitted to it. “These are new measures, and it is essential that the registry strikes the right balance between improving transparency and reducing the burden on legitimate business activities,” the company’s trade department said in a statement. Energy and Industrial Strategy, led by Paul Scully. He said the government would “enact a law in due course”.

(with Bloomberg)

You May Also Like

About the Author: Forrest Morton

Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.

Leave a Reply

Your email address will not be published. Required fields are marked *