UK Parliament / Open data

Economic Crime and Corporate Transparency Bill

The hon. Member makes a very important point. There are issues around both whistleblowing and safeguards for whistleblowers, and around information sharing. Information sharing is rightly included in the Bill, but many hon. Members will be aware that RUSI has pointed out that if we are looking to the future, as well as some of the issues around whistleblowing, there ought to be the potential to use artificial intelligence, for example, to spot patterns of fraud and corruption. As the hon. Member says, we need ways to detect potential fraud; we need routes—be it through whistle- blowing, information sharing or spotting things that happen—through which to identify it and then for speedy enforcement action to be taken.

Let me press the Home Secretary on the need to tackle corporate criminal liability. The shadow Attorney General, my right hon. Friend the Member for Islington South and Finsbury (Emily Thornberry), originally called for action on that nine years ago, and the Treasury Committee and the Law Commission have both called for action. Corporate fraudsters should not be able to get away with sequestering millions because the law just is not strong enough. I urge the Home Secretary to look at this urgently. It will have crossed her desk while she was Attorney General, and we need rapid action.

Labour will support the Bill on Second Reading, but we have to be honest that it does not yet go far enough. We should not stand for dirty money, fraudsters, organised criminals, and the deep and serious crimes that they

facilitate. We must stand up for our national security; for our economy; for good businesses and professional services that are being undermined; for our law enforcement bodies, which need support and backing to deliver; and, most of all, for those who become the victims—those who are exploited here and across the world. Britain should be leading the way. The Bill is welcome, but it is not yet good enough. We hope that, with concerted cross- party action, we can all get our act together and make it better.

1.2 pm

Type
Proceeding contribution
Reference
720 cc294-5 
Session
2022-23
Chamber / Committee
House of Commons chamber
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