Pressure grows on UK to beef up measures to tackle economic crime
MPs and anti-corruption experts have warned that the UK government must not delay long-awaited measures to tackle economic crime, after a minister resigned over government’s failure to prevent up to £4.3bn in fraudulent claims for Covid business loans.
Lord Agnew dramatically quit on Monday as a minister at the Treasury and Cabinet Office with oversight of fraud prevention, in another blow to the embattled prime minister. In a resignation letter to Boris Johnson, published on Tuesday, Agnew revealed that in a decision apparently taken last week, a key piece of legislation, the economic crime bill, had been rejected for consideration during the next parliamentary year. He described the decision as “foolish”.
The bill was expected to bring forward measures, among others, to improve almost non-existent oversight of the UK’s business register, Companies House, and finally bring in a public register of beneficial ownership of property – revealing the individuals behind offshore companies used to hold valuable UK homes and land. Tougher laws on fraud and changes to McMafia-style legislation to target the unexplained wealth of kleptocrats were also expected.
Responsibility for planning bills to be included in the annual Queen’s speech at the start of each parliamentary session lies with Jacob Rees-Mogg, the leader of the house and head of the parliamentary business and legislation committee.
Robert Palmer, executive director of Tax Justice UK, a campaign group, decried the decision to “kick anti-corruption legislation into the long grass yet again”.
“We need stronger rules to deter the rich and powerful from dodging tax or hiding their wealth. British companies can still be used to funnel dirty money through the UK.”
Many of the
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