Steff Aquarone

I will speak to my amendment 1, which I am very pleased has the most supporters of any amendment before us today. Amendment 1 would make an offence of the concealment of beneficial ownership relating to a designated organisation and the establishment and maintenance of that concealment of finance and assets. In simpler terms, it would crack down on the professional enablers working to hide the ownership of assets for a designated group by clarifying that that is the same as providing them with a material benefit. These groups rely on hiding their money, and opaque financial systems only help them to do that. By extending liability to those who make that opacity possible, we limit the ability of designated groups to continue to benefit from their assets and finances. Amendment 1 makes it clear that financial transparency is a national security issue. The opaque systems, all too often in overseas territories and Crown dependencies, and those who enable their use, are assisting nations and organisations that want to do our country harm. Designating these state-backed groups is vital. We have seen the issues they cause across the country: targeting our institutions, targeting those who speak out against regimes, and directing acts designed to target and strike fear into our Jewish communities.