Clause 54

Part of Terrorist Asset-Freezing Etc. Bill [Lords] – in a Public Bill Committee at 12:30 pm on 23 November 2010.

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Photo of Malcolm Wicks Malcolm Wicks Labour, Croydon North 12:30, 23 November 2010

I know that this is usually a technical clause that goes through on the nod, but recent history shows that territories such as the Channel Islands and the Isle of Man can be the soft underbelly of financial integrity. In the past, there have been cases of money laundering for criminal purposes and tax fraud. We must, therefore, be concerned that some of the territories  might be used by terrorists for placing their assets. Will the Minister go into a little more detail—not too much—about how the Bill’s provisions will be implemented in Guernsey, Jersey, the Isle of Man and the British overseas territories? We can all read the clause, but more detail would be helpful. Is Her Majesty’s Government confident that the provisions will be enforced in all the territories, and will they monitor such enforcement?