Clause 49 agreed to. Schedule 7 agreed to. Clause 50 agreed to. Schedule 8 agreed to, as amended. Clauses 51 to 53 agreed to. Schedules 9 and 10 agreed to. Clauses 54 to 60, and 284, agreed to. Clause 61 under consideration when the Committee adjourned.

Clause 49 agreed to. Schedule 7 agreed to. Clause 50 agreed to. Schedule 8 agreed to, as amended. Clauses 51 to 53 agreed to. Schedules 9 and 10 agreed to. Clauses 54 to 60, and 284, agreed to. Clause 61 under consideration when the Committee adjourned.

My Lords, I am grateful for the opportunity to draw this matter to the attention of the Committee. I must start by declaring an interest. My farm, on which I scratch a living, is run under a parliamentary trust with trustees who are properly named and all the accounts are...

My Lords, I am grateful for the opportunity to draw this matter to the attention of the Committee. I must start by declaring an interest. My farm, on which I scratch a living, is run under a parliamentary trust with trustees who are properly named and all the accounts are...

My Lords, I am tempted to think that the noble Lord, Lord Willoughby de Broke, is a little overanxious about this matter. That will perhaps come out later on in this debate. However, he made some points that I am tempted to agree with on the background to this. It...

My Lords, I am tempted to think that the noble Lord, Lord Willoughby de Broke, is a little overanxious about this matter. That will perhaps come out later on in this debate. However, he made some points that I am tempted to agree with on the background to this. It...

I was just about to finish by asking the Government three quick questions. In the Minister’s letter of 13 December 2013, which I was referring to, the Government broadly supported the Commission’s proposals but a limited number gave cause for concern. I am deliberately not including the gambling points; I...

I was just about to finish by asking the Government three quick questions. In the Minister’s letter of 13 December 2013, which I was referring to, the Government broadly supported the Commission’s proposals but a limited number gave cause for concern. I am deliberately not including the gambling points; I...

My Lords, this is an interesting debate and we should thank the noble Lord for introducing it. It concerns a series of issues that are still very much in the air because, as I understand it, the European Parliament has approved the directive but has made amendments to it. One...

My Lords, this is an interesting debate and we should thank the noble Lord for introducing it. It concerns a series of issues that are still very much in the air because, as I understand it, the European Parliament has approved the directive but has made amendments to it. One...

My Lords, I declare an interest in that I set up a family trust in 1984. It is on the point of expiry, so it is not much of an interest.

I intervene briefly to press the Minister for detail on a question put by my noble friend Lord Willoughby de...

My Lords, I declare an interest in that I set up a family trust in 1984. It is on the point of expiry, so it is not much of an interest.

I intervene briefly to press the Minister for detail on a question put by my noble friend Lord Willoughby de...

My Lords, I am grateful for the opportunity to speak in the gap. I apologise for not having put my name down, but I was not sure I could be here this afternoon. The noble Lord, Lord Willoughby de Broke, alluded to the maxim of an Englishman’s home being his...

My Lords, I am grateful for the opportunity to speak in the gap. I apologise for not having put my name down, but I was not sure I could be here this afternoon. The noble Lord, Lord Willoughby de Broke, alluded to the maxim of an Englishman’s home being his...

My Lords, I congratulate the noble Lord, Lord Willoughby de Broke, on introducing this debate. The degree of sharp interest shown by all noble Lords in this issue may have surprised him. Passion has been aroused, and so it should be. It is interesting that it has been identified that...

My Lords, I congratulate the noble Lord, Lord Willoughby de Broke, on introducing this debate. The degree of sharp interest shown by all noble Lords in this issue may have surprised him. Passion has been aroused, and so it should be. It is interesting that it has been identified that...

My Lords, some noble Lords, including the noble Lord, Lord Watson, and to a certain extent the noble Lord, Lord Davies, have missed the point that I was trying to make. There are already, under the Money Laundering Regulations 2007, absolute requirements on financial intermediaries and lawyers to report to...

My Lords, some noble Lords, including the noble Lord, Lord Watson, and to a certain extent the noble Lord, Lord Davies, have missed the point that I was trying to make. There are already, under the Money Laundering Regulations 2007, absolute requirements on financial intermediaries and lawyers to report to...

The regime is ineffectual.

The regime is ineffectual.

That is not right.

4.47 pm

That is not right.

4.47 pm

My Lords, I thank the noble Lord, Lord Willoughby de Broke, for introducing this debate and all noble Lords for their contributions. I will try to answer some of the broad concerns expressed and lay out the steps that the Government are taking to ensure the effective and proportionate treatment...

My Lords, I thank the noble Lord, Lord Willoughby de Broke, for introducing this debate and all noble Lords for their contributions. I will try to answer some of the broad concerns expressed and lay out the steps that the Government are taking to ensure the effective and proportionate treatment...

Before the Minister leaves that point, it might be a good place to press him on the famous doctrine of subsidiarity. In view of the difference between our system and the other systems in Europe, would it not be a good idea to use subsidiarity?

Before the Minister leaves that point, it might be a good place to press him on the famous doctrine of subsidiarity. In view of the difference between our system and the other systems in Europe, would it not be a good idea to use subsidiarity?

My Lords, the approach I set out would mean that we would have a different way of reporting the majority of trusts. Therefore, there would not be a common system across the EU. The Government’s view is that it is very important that, across all the EU, there is a...

My Lords, the approach I set out would mean that we would have a different way of reporting the majority of trusts. Therefore, there would not be a common system across the EU. The Government’s view is that it is very important that, across all the EU, there is a...

Would the requirement on the trustees and trust extend to revealing who the beneficial owners are?

Would the requirement on the trustees and trust extend to revealing who the beneficial owners are?

I am not sure I can give my noble friend a definitive answer now. I may be able to, but in any event I will write to him about that.

My noble friend Lord Dykes referred to the challenges of making a risk assessment in this area. Of course, it is...

I am not sure I can give my noble friend a definitive answer now. I may be able to, but in any event I will write to him about that.

My noble friend Lord Dykes referred to the challenges of making a risk assessment in this area. Of course, it is...

Lords question for short debate on whether they support the inclusion of private trusts in the draft provisions of the Fourth Money Laundering Directive.

Lords question for short debate on whether they support the inclusion of private trusts in the draft provisions of the Fourth Money Laundering Directive.

Queen's and Prince of Wales's consent signified. Third reading agreed to on question. Bill passed, without amendment.

Queen's and Prince of Wales's consent signified. Third reading agreed to on question. Bill passed, without amendment.

I beg to move, That the Bill be now read the Third time.

I am happy to be able to inform the House that the consensus that clearly prevailed in the last debate on the previous piece of proposed legislation will, I believe, prevail here. I am very happy to bring...

I beg to move, That the Bill be now read the Third time.

I am happy to be able to inform the House that the consensus that clearly prevailed in the last debate on the previous piece of proposed legislation will, I believe, prevail here. I am very happy to bring...