The line between rogue nation states and terrorist organisations sponsoring organised criminal activity is increasingly blurred. They are attacking our national institutions and millions of residents in this country. Does the Minister believe that diplomacy is working?
My hon. Friend rightly draws attention to the importance, given that we are one of the world’s leading financial centres, of our being as rigorous as possible and taking a zero-tolerance approach. I am sure the House will welcome the fact that last December the Financial Action Task Force review took a close look at our system and concluded that the UK had the strongest anti-money laundering regime of the countries assessed to date, but clearly we cannot be complacent; there is much more to do.