Lancashire MP in battle against money laundering
Lancashire MP Ben Wallace is helping to lead a crackdown on international money laundering.
The Wyre and Preston North MP, who is Minister of State for Security, said a proposed new law will be a crucial weapon against the threat of organised crime and terrorism.
He said: “For too long, the proceeds of organised crime and overseas corruption have been able to move through the UK with considerable impunity.
“The UK drug trade alone is estimated to generate £4bn of revenue and it is estimated that the annual amount of money laundered globally amounts to $1.6 trillion.
Many of the criminals who profit from such activities live in ‘plain sight’, confident of being untouchable by law enforcement agencies.”
But a new Criminal Finance Bill ,introduced into the Commons earlier this month ,would change this if approved.
Individuals or organisations would be made to explain the origins of their assets using Unexplained Wealth Orders, and seizure, forfeit and information exchange powers would be strengthened, he said.