Results 21–40 of 3000 for speaker:Stephen Kinnock OR speaker:Stephen Kinnock

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 53 - Beneficial owners in overseas territories (24 Nov 2022)

Stephen Kinnock: I fear that it is a bit naive and complacent to think that this is going to be done by consensus. Five years have gone by since the 2018 Act was introduced and it is extraordinary that we may have to wait another 12 months, as the Minister says. Frankly, I remain sceptical that, without a stick as well as a carrot in this conversation, anything will ever happen. I would welcome any feedback...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 53 - Beneficial owners in overseas territories (24 Nov 2022)

Stephen Kinnock: Unfortunately, we remain unconvinced by the Minister’s answers on these points and we wish to push the new clause to a vote.

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 54 - Entities from high-risk jurisdictions: prohibition on ownership of UK land (24 Nov 2022)

Stephen Kinnock: I beg to move, That the clause be read a Second time. Given the extensive discussions we have had on issues involving money laundering risks, including risks in relation to certain designated high-risk jurisdictions overseas, there is a fundamental question that we are not sure we have got to the bottom of. That question, which is addressed in part by new clause 54, is why we should allow a...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 52 - Beneficial owners: shares and voting rights held by immediate family (24 Nov 2022)

Stephen Kinnock: I beg to move, That the clause be read a Second time. Conservative Members will have gathered by now that the common theme of many of the new clauses tabled by the Opposition on the register of overseas entities is really closing loopholes. We may not, even will the best will in the world, be able to foresee at this stage exactly where any loopholes may arise, but we can at least act now to...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 52 - Beneficial owners: shares and voting rights held by immediate family (24 Nov 2022)

Stephen Kinnock: I thank the Minister for his response. I think the spirit of the new clauses is about prevention being better than cure. The Opposition feel that, if we look at the spectrum from deeply opaque business practices to fully transparent ones, when family members are involved we are almost by definition at the more opaque end of the spectrum. By definition, family members will be in a position to...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 52 - Beneficial owners: shares and voting rights held by immediate family (24 Nov 2022)

Stephen Kinnock: As I have said, we are very much about prevention being better than cure and a smart as possible approach to risk management. However, I take the Minister’s comments on board and I have no further comments to make. I beg to ask leave to withdraw the motion.

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 53 - Beneficial owners in overseas territories (24 Nov 2022)

Stephen Kinnock: I beg to move, That the clause be read a Second time. New clause 53 would amend the wording of provisions in the Sanctions and Anti-Money Laundering Act 2018 to require the introduction of open registers of beneficial ownership in each of the UK’s overseas territories. Some of the Committee’s Members are veterans of the struggle to incorporate the requirement into the 2018 Act and will no...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 53 - Beneficial owners in overseas territories (24 Nov 2022)

Stephen Kinnock: My right hon. Friend asks a very good question, while chuntering from a sedentary position. I trust that the Minister’s views have not changed with his recent promotion. The fundamental principle behind new clause 53 is simply that there should be no double standards in the legal requirements for transparency of beneficial ownership across different parts of the UK, including in the...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 53 - Beneficial owners in overseas territories (24 Nov 2022)

Stephen Kinnock: My right hon. Friend may well wish to do so. I think that any member of this Committee will understand what I mean when I refer to certain “usual suspects” in cases involving financial dealings that, even with the most charitable interpretation, can only be described as being questionable at best. The language that was ultimately added to the Sanctions and Anti-Money Laundering Act 2018...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 50 - Requirement for UK-resident director (24 Nov 2022)

Stephen Kinnock: I thank the Minister for his remarks. We are talking about how to make it as easy as possible for those red flags to be clear. If we were to do exception reporting, there may, of course, be a clear explanation in certain circumstances for why there is not a single UK-based company director and perfectly legitimate reasons for that. We think that it would be better to do the exception...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 50 - Requirement for UK-resident director (24 Nov 2022)

Stephen Kinnock: I thank the Minister for those points. I see that we will agree to disagree on this. I beg to ask leave to withdraw the motion.

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 51 - Registration requirements: UK-based assets held by overseas entity (24 Nov 2022)

Stephen Kinnock: I beg to move, That the clause be read a Second time. The purpose of the new clause is to close what appears to be a loophole in the current requirements on the registration of overseas entities that own property in the UK. The case for the new clause is simple. Under the current rules, as set out primarily in the Economic Crime (Transparency and Enforcement) Act 2022, a foreign company that...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 51 - Registration requirements: UK-based assets held by overseas entity (24 Nov 2022)

Stephen Kinnock: According to our interpretation, schedule 2 of the 2022 Act is unclear about whether a company would be required to disclose the ultimate beneficial owner of any property owned by that company. Our worry is that there is a loophole in the law that talks about the beneficial owner but does not give us the tools to obtain disclosure of who is the ultimate beneficial owner of the property. In...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 51 - Registration requirements: UK-based assets held by overseas entity (24 Nov 2022)

Stephen Kinnock: I thank the Minister for that clarification. What rang alarm bells with us were the comments of the Financial Action Task Force, which drew the distinction between the ownership of a company and the ultimate beneficial ownership of any assets held by that company. The Minister has made his position clear, and, again, we just agree to disagree. I beg to ask leave to withdraw the motion.

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 50 - Requirement for UK-resident director (24 Nov 2022)

Stephen Kinnock: I beg to move, That the clause be read a Second time. New clause 49 sought to ensure that the provisions of the Small Business, Enterprise and Employment Act 2015, which require company directors to be natural persons, would be brought into force. The Opposition welcomed the Minister’s commitment to introducing the necessary regulations to enact that measure in the near future, and we are...

Public Bill Committee: Economic Crime and Corporate Transparency Bill: New Clause 24 - Disclosure of information relating to bank accounts held by subscribers to a memorandum of association (24 Nov 2022)

Stephen Kinnock: It is a pleasure to serve under your chairship, Sir Christopher. New clause 24, tabled by SNP Members, would add to the transparency of the companies register and enhance the ability of law enforcement to identify suspect registrations. It would do so by requiring the subscribers or initial shareholders of a company to provide information on the location of any bank account held either by the...

Written Answers — Home Office: Asylum: Hotels (24 Nov 2022)

Stephen Kinnock: To ask the Secretary of State for the Home Department, how many and what proportion of the hotels that were being used for asylum seeker accommodation on 1 September 2022 were no longer being used to house asylum seekers on (a) 1 October 2022 and (b) 1 November 2022.

Written Answers — Home Office: Visas (24 Nov 2022)

Stephen Kinnock: To ask the Secretary of State for the Home Department, what her planned timetable is for the publication of her Department's report on tier one investor visas; and for what reason the report has not yet been published.

Written Answers — Home Office: Asylum: Temporary Accommodation (24 Nov 2022)

Stephen Kinnock: To ask the Secretary of State for the Home Department, how much and what proportion of the official development assistance budget has been spent on (a) Manston immigration centre and (b) temporary accommodation for asylum seekers in the 2022-23 financial year.

Written Answers — Home Office: Asylum: Hotels (24 Nov 2022)

Stephen Kinnock: To ask the Secretary of State for the Home Department, how many and what proportion of the hotels being used for asylum seeker accommodation on 1 October 2022 were no longer being used to house asylum seekers on 1 November 2022.


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