Cost of Complacency Government response published
26 October 2022
The Foreign Affairs Committee publishes the Government response to its report “The cost of complacency: illicit finance and the war in Ukraine” and announces a Westminster Hall debate on the report and response.
In its report, the Committee called for the Government to match rhetoric with action and voiced concerns that, without adequate resources, enforcement agencies working to root out illicit money were “toothless”. The Committee also called for the Government to publish its long-awaited review into “Golden” or Tier 1 Visas.
The Government agreed to the Committee’s recommendation to reform Companies House, including giving greater powers to the registrar to ensure the accuracy of the company register that sits within the Department for Business, Energy and Industrial Strategy.
In response to the Committee’s recommendation to develop “a professional sanctions cadre” the Government announced their newly-expanded Sanctions Directorate, which the Government states will include the establishment of “a cadre of sanctions experts to build the enduring expertise we need long term”.
A Westminster Hall debate on the Committee’s report and Government response will be held on 17 November at 1.30pm.
Further information
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