Member of the parliamentary groups on anti-corruption and fair banking called for wide-ranging reforms to tackle money laundering. They wanted the banking executives to be held responsible for their failure to prevent economic crime. They urged the government to allot more money to spent on enforcement and to provide protection for whistleblowers. Though the government promised to bring in a second economic crime bill in the Queen’s speech, many MPs feared it would not go far enough and urged the government to take tougher measures.
Conservative MP Kevin Hollinrake said making executives criminally liable would bring the desired effect. MP Dame Margaret pointed to a 35% fall in money laundering prosecutions in the last five years, saying: “our agencies are completely outgunned and are simply not fit for purpose.”
The Government has already committed to spending £100 million over the next three years on economic crime enforcement, with another £300 million coming from the private sector through the economic crime levy, but MPs want to see that commitment increased to match those private funds.
Transparency International UK welcomed the proposals, with director of policy Duncan Hames saying: “This manifesto is a compelling call for government to act on the scourge of economic crime and corruption. Now is the time for government to press forward against the criminals who hide their dirty money.
