David Pinto-Duschinsky

I beg to move, That this House has considered the Serious Fraud Office and tackling fraud and economic crime. It is a pleasure to serve under your chairmanship, Sir John. Economic crime affects us all. The fraud, money laundering, grand corruption and bribery that the Serious Fraud Office was established to address can threaten the integrity of our markets, the functioning of our economy, the security of our nation and even the very fabric of our democracy, and fuel misery and corruption around the world. Confronting the challenge posed by serious economic crime is crucial, but sometimes lost in this conversation is its link to a second kind of economic crime: the fraud that affects our constituents directly and touches millions of lives every year in our country. All too often, those two strands of economic crime are talked about separately. Although I have only a few minutes today, and cannot touch on every facet of economic crime, I will take this opportunity to talk about the two strands together; as economic crime evolves, they are becoming increasingly entwined and, if we are to tackle the corrosive impact of economic crime, we must address both. I want to start by telling the House about a constituent of mine; let us call him Brian. Brian is a hard-working, community-spirited man who has spent his life playing by the rules. He is not naive—he has decades of experience and a sharp eye for detail—but last year, he was caught out by a sophisticated scam. Within hours, Brian lost more than £40,000—his entire life savings. The impact has been devastating, not only financially, but emotionally. His trust, confidence and sense of security have been shattered. Sadly, that is far from an isolated incident. Virtually every MP I speak to has similar stories of constituents who have suffered.