I am delighted by the tone of the debate, because on the Back Benches there is complete agreement. I hope the Minister will leave the debate emboldened by some of the ideas we put to him, so he can take them and translate them into action. I very much support the introduction of the two statutory instruments. I will speak specifically to paragraph (3) of statutory instrument No. 194 on the extension of powers to designate persons.
Before I come on to the detail, if I may, I would like to say two things. The Minister said that he wants to protect British companies and so do I, but there are a lot of British companies that are actually owned by Putin and Putin’s cronies. One of the problems we have is that it is so easy to establish a company here in the UK. Not only is it cheap—it is £12 and we do not mind that—but there is so little regulatory control of the data and so few powers for Companies House to verify that data and raise red flags where there are questions, that it is no good the Minister saying he wants to protect British companies. In so doing, he may often be protecting dirty money. That is why we were all so frustrated yesterday that the only move going ahead in relation to Companies House is yet another White Paper and yet another consultation. It really is time to act on that issue.
Across the House, we are all saying that the powers are there. The problem is that there does not seem to be an effective mechanism in Government to implement the powers and sanctions that we have. This is partly about resources—we have all talked about that—but I think it is also about political will, and the Government are trying to face both ways in relation to the City of London. There is a fear of undermining the financial services sector, which I understand, but in having that fear they are reluctant to take action where they should to eliminate dirty money. We will never have sustainable growth and sustainable prosperity on the back of dirty money, so it is a short-sighted policy. Having the political will, as well as the resources, is very important.
The hon. Member for Oxford West and Abingdon (Layla Moran) mentioned a list of 35 names, which I am familiar with—Navalny put it on Facebook just before he was imprisoned some time ago. I simply draw to the Minister’s attention, as others have, that 15 people on that list have already been sanctioned by the EU and
the USA. Why on earth have they not been sanctioned here? What is stopping that happening? Until the strong words enunciated by the Government are enacted, we will not have confidence that our British Government are really doing all that they can to support Ukraine and the Ukrainians in their fight for democracy.