Liam Byrne

I, too, want to welcome the Bill; I think it has a lot of good measures. However, whether it becomes the watershed Bill that I think it could be depends on whether much of the debate we have heard tonight gets translated into successful amendments over the next couple of weeks. We all have an ideal of democracy in this House, but we all know that democracy, too, is a system, and systems can be gamed, corrupted and undermined, not merely by force of arms, but by force of money: foreign money; dark money; money that is faceless, but has an agenda. That is the situation we have in this country today because we have allowed the activities of shell companies, alka-seltzer companies and unincorporated associations, with about £1 in every £10 coming into political parties now from some kind of dark source. All of this is overseen by a National Crime Agency without the resources to do the job and an Electoral Commission without the powers to do the job. There are five changes that need to be made to the text of the Bill before us tonight. The first, as many have said, is on media systems. It is ridiculous that I can set up a trust in Dubai that is owned by a company registered in the British Virgin Islands and chuck tens of millions of pounds into a British TV station, which can then go on to pay politicians in this House. There are no rules and balances on that, which is ridiculous and needs to end. Secondly, as many people have said, we need to ban cryptocurrency. We know that cryptocurrency is the vehicle of choice for the Russian intelligence services moving money into the bank accounts of western proxies. For a long time, the Russian intelligence services have had a strategy of what we might call “poodles on rubles”. Right now, we know they are moving about $30 million a year. We have to ensure that what has happened in Moldova does not happen in countries like ours. Banning cryptocurrency altogether—until, perhaps, one day in the future, the Electoral Commission has the power to police it—might be a good idea. Thirdly, we have to ensure that only profits earned from British companies can be used for electoral donations. It is ridiculous that an individual like Christopher Harborne can take $70 million in Tether tokens before then making about £23 million-worth of donations into British political parties, with none of us in this House having any idea where that money has come from. Fourthly, we need to ensure that the powers of the Electoral Commission have been transformed so that it has the power to initiate investigations before it has all the evidence it needs. At the moment, it needs to initiate an investigation before it can get the evidence, which is very difficult to do. Finally, we need to ensure that there is a proper gateway to allow the Electoral Commission to share information with the National Crime Agency. Our enemies are undermining us now not just by dropping bombs through the ceiling, but by trying to destroy our foundations. Regulating political finance is one of the ways we can stop that now.