A cross-party group of MPs has urged the government to introduce legislation that would put bank executives behind bars if they allowed or encouraged money laundering.
Parliament rushed through the Economic Crime (Transparency and Enforcement) Act in March in an attempt to deprive Russian oligarchs with ties to President Vladimir Putin of their UK-based wealth, and in the Queen’s Speech on May 10 the government promised to bring in another bill to tackle money laundering.
But Dame Margaret Hodge, the chair of the All-Party Parliamentary Group (APPG) on Anti-Corruption and Responsible Tax, said the group feared the government’s new bill would not go far enough.
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