Tackling economic crime requires a sophisticated multi-agency and cross-Government response. The Crown Prosecution Service is a vital part of that response. It prosecutes some of the more serious and complex cases, recovering a huge amount of ill-gotten gains. The Government are committed to tackling economic crime. We are introducing a programme of reforms to bring forward shortly, in particular, as my hon. Friend the Member for North West Norfolk (Sir Henry Bellingham) will know, the National Economic Crime Centre.
I congratulate my right hon. and learned Friend on his well-deserved appointment. How effective does he believe that the new unexplained wealth orders will be in obtaining funds from criminals and their associates? How will this be applied to foreign criminals? Has he made any assessment of how much money will be raised in the next financial year, and how will that money be spent?
Unexplained wealth orders are a particularly valuable part of the armoury of the law enforcement agencies against corruption and bribery. They are a novel tool. The Government and the law enforcement agencies are looking at the correct and appropriate cases in which to use them. I am not aware of whether there has yet been any estimate of what might be realised by their use, but I expect that considerable numbers of them will be used over the coming months. An exercise is being undertaken to scope the first few to be started.
This has been a particular success story. The current numbers, as I said earlier, show that these agreements have realised £650 million in penalties. They have been applied to some of the biggest multinational corporations in the country, ranging from banks to major supermarkets. They are a valuable tool, and I hope to see an increased use of them, but they have to be used carefully, because plainly they are not a substitute for prosecution; they can only be used in the right circumstances where, according to the code, they are the appropriate action.
I welcome the Attorney General to his role and wish him well.
An essential part of our action against economic crime is tough action internationally, including a public register of beneficial ownership of companies based in the overseas territories, yet in a debate on 1 May, the Attorney General spoke out about that, saying about publicity:
“All it will mean is that the money goes to where it is darkest”.—[Official Report, 1 May 2018; Vol. 640, c. 203.]
Has the Attorney General now changed his mind?
I am disappointed with the hon. Gentleman. As we get to know each other, he will realise that that is not the sort of approach I would take. Let me explain to him what I said, and if he reads Hansard, he will be able to check it. I said that the means being proposed in the House at that time—namely the imposition of legislation from the centre—offended the devolved settlement that had been given to the Cayman Islands. I fully support the substantive policy of the Government, which is the increase of the use of public registers. I raised the subject at the “Five Eyes” conference last week and urged other countries to follow our example.
I am always sorry to disappoint, but I have to say to the Attorney General that I have read Hansard very thoroughly and the numerous interventions he made about that. I was disappointed with the main thrust of his answer. If the Government are serious about transparency of our overseas territories, surely the Attorney General must be enthusiastic about it. Can he completely recant what he previously said?
I repeat: the fact of the matter is that I did not say what the hon. Gentleman says I said. I objected on a constitutional ground that a devolved settlement was being overridden. I fully support the transparency policy of the Government, and if he looks more closely at Hansard—I can take him through it—he will see that I am right.