I absolutely agree. There is no need for any further procrastination. Officials clearly ought to have been looking at this issue since the promise was made at the anti-corruption summit 2016, and it was expected that something would be ready in time for this year. Even if a draft Bill is being considered for the summer—I recognise that parliamentary time is sometimes a constraint on the Government—there would be real support for the bringing forward of some amendments to this Bill based on what may already be partially drafted legislation, because money laundering is important when it comes to property and understanding who owns it. This situation is just another worrying signal from this Administration about the priority they give to combating corruption, because promises made in 2016 are being downgraded and delayed.
Others have pointed out the missed opportunity in this Bill in respect of the overseas territories and Crown dependencies. Back in 2015 and the latter part of 2014, I was the Minister who brought forward changes to the Small Business, Enterprise and Employment Bill—now Act—to introduce a public register of beneficial ownership of UK companies, and I am proud to have done so. Persons of significant control are now registered at Companies House, and people can now log on and see exactly what is there. I agree that there is a need for additional resources for enforcement to will the means, but that was an important step forward, and I am proud to have been part of a Government who took a leadership role.
I pay tribute to my right hon. Friend the Member for Twickenham (Sir Vince Cable), who was Business Secretary at the time, and to the former Prime Minister, David Cameron, because he was absolutely committed to fighting corruption and to playing a global leadership role through the G7 summit and beyond. He repeatedly made it clear that overseas territories should also publish registers. In fact, between 2013 and 2016, the Government sent letters to the overseas territories on several occasions encouraging action, and it is deeply concerning that the appetite has significantly diminished under the current Administration. It is almost as if the Government are now relaxed about the murkiness of financial transactions of the like that we saw revealed in the Paradise and Panama papers and about our overseas territories being used in the UK’s name to hide complex structures under which corruption can flourish. Progress has ground to a halt. If the Government disagree and think that they are as committed to tackling corruption as ever, what have they been doing since 2016? Where are the letters and notes from meetings where they have been encouraging the overseas territories to publish their beneficial ownership registers? I stand ready to be corrected if the Minister can provide that information, because the House would very much like to see it.
The right hon. Member for Barking (Dame Margaret Hodge) mentioned Gibraltar and the fifth anti-money laundering directive when the Foreign Secretary was still in his place. His answer was somewhat vague, suggesting that maybe we would be implementing it, because the UK is already going beyond what is required, but that was not entirely clear. We then heard a response
that was slightly more depressing, if a little clearer, from the Minister for Europe and the Americas later in the debate, suggesting that we perhaps would not need to implement the directive because we may have left the EU by the final deadline for implementation. He knows as well as I that there is no reason to be a last-minute merchant about such things. There is nothing to stop us implementing the directive before the final deadline, so it is absolutely in the gift of the Government to do so. If they are choosing not to, that is a clear decision from this Government to allow Gibraltar not to conform to the provisions of a directive that we deem to be necessary for the UK as a whole.
The hon. Member for Glasgow Central (Alison Thewliss) raised Scottish limited partnerships, and I am glad that she did, because they have been abused in major money-laundering schemes. Indeed, they have potentially been implicated in the alleged bribery of European politicians. Such partnerships have been required to file beneficial ownership information since June, but many have failed to do so or, in some cases, have filed patently false information. Again, there is an issue about enforcement.
Many of these issues need to be explored further during the passage of this Bill, which is sadly necessary. The Bill overreaches in some areas by giving the Government too many powers, but in other areas it misses opportunities that we need to take in order to provide assurances that we are taking the necessary and swift action to fight corruption. The Bill is an all right start, but it clearly needs further improvement. We should maintain the positive changes already inserted by the House of Lords, and I look forward to exploring the detailed issues as the Bill progresses through the House.
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