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Labour will introduce new laws against dishonest bankers, Cooper to say Labour will introduce new laws against dishonest bankers, Cooper to say
(about 11 hours later)
Legisation that would have ensured that the City traders behind the Libor interest rates scandal did not escape prosecution is to be promised by the shadow home secretary, Yvette Cooper, on Wednesday. Legislation that would have ensured that the City traders behind the Libor interest rates scandal did not escape prosecution is to be promised by the shadow home secretary, Yvette Cooper, on Wednesday.
In her conference speech she will pledge that the next Labour government will introduce the first-ever Economic Crime Act in a drive against the "grey and murky area" of financial crime, including fraud and money-laundering.In her conference speech she will pledge that the next Labour government will introduce the first-ever Economic Crime Act in a drive against the "grey and murky area" of financial crime, including fraud and money-laundering.
The legislation would make it a criminal offence to manipulate interest rates to make money, while victims pay more.The legislation would make it a criminal offence to manipulate interest rates to make money, while victims pay more.
"We need the law to be up-to-date. We need the law to be clear. To be honest, we just plain need a law," Cooper is expected to say. "The police should have the confidence to tackle cyber fraud, money laundering and financial fiddling. So for the first time Labour would introduce an Economic Crime Act."
The shadow home secretary is also to make clear that Labour police and commissioners elected next month will "halt the Tory rush to privatisation of our police" and limit the involvement of private companies in the police service.The shadow home secretary is also to make clear that Labour police and commissioners elected next month will "halt the Tory rush to privatisation of our police" and limit the involvement of private companies in the police service.
The decision to frame an economic crime bill is one of a number of areas of the criminal justice system that Cooper is expected to identify in her conference speech as in need of reform to tackle the full range of crimes in the 21st century.The decision to frame an economic crime bill is one of a number of areas of the criminal justice system that Cooper is expected to identify in her conference speech as in need of reform to tackle the full range of crimes in the 21st century.
She is to say that the financial crime legisation is required to provide clarity for the police and to address the myriad network of existing agencies to tackle city crime, all with overlapping structures, different responsibilities and different powers.She is to say that the financial crime legisation is required to provide clarity for the police and to address the myriad network of existing agencies to tackle city crime, all with overlapping structures, different responsibilities and different powers.
The Libor rate scandal involved the manipulation by traders of the London Interbank Offered Rate in Britain which is used as a benchmark by financial institutions around the world and underpins contracts with a value of more than $300 million. The Libor rate scandal involved the manipulation by traders of the London Interbank Offered Rate in Britain which is used as a benchmark by financial institutions around the world and underpins contracts with a value of more than $300m.
The official inquiry, the Wheatley review, highlighted concerns that criminal sanctions for Libor manipulation were insufficient for enforcement or deterrence. It said it was unclear even if the law allows for charges to be brought despite its finding that the scandal had "torn at the very fabric that our financial system is built on". The official inquiry, the Wheatley review, highlighted concerns that criminal sanctions for Libor manipulation were insufficient for enforcement or deterrence. It said it was unclear even if the law allows for charges to be brought despite its finding that the scandal had "torn at the very fabric that our financial system is built on".
Cooper says that the public looked at what had happened and had seen no real sign of people being held to account.Cooper says that the public looked at what had happened and had seen no real sign of people being held to account.
"Traders in banks rigged interest rates to make money for themselves - making money while increasing costs for small businesses, consumers and families," Cooper is to say. Cooper is expected to say: "Look at the Libor scandal that emerged this summer. It is a multibillion pound fraud. People were fiddling figures to get rich, while small businesses paid the price.Yet no one has been arrested. The experts say it can't even be treated as a crime offence. The police and the SFO don't even seem to know where to start.
"Like you and the rest of the British people, I look at that and see fraud. "In the United States they have seen 800 prosecutions for serious fraud since 2011. Here in the UK the SFO pursued just 20. If a mum can't afford her TV licence she'll end up in court. But defraud millions of pensioners or small businesses and you can get off scot-free.We need an end to the double standards. We need a new Economic Crime Act. People need to be able to invest with confidence knowing everyone is playing by the same fair rules."
Fraud that you or I would be arrested for. But nobody has been arrested. She says that the government, the police and other agencies all looked around but nobody was clear what crime had been committed or who should act. She claims it is the same with other financial crimes, such as serious fraud and money-laundering, which is costing the country an estimated £38bn a year.
This is a market dealing in billions of pounds. But this fraud has gone unpunished. There is no justice." The shadow home secretary is also to promise that Labour police and crime commissioners will halt the Tory rush to police privatisation with their "nothing ruled out contract tenders that include neighbourhood patrols, detective investigations and more".
She says that the government, the police and other agencies all looked around but nobody was clear what crime had been committed or who should act. She claims it is the same with other financial crimes, such as serious fraud and money-laundering which is costing the country an estimated £38 billion a year.
The shadow home secretary is also to promise that Labour police and crime commissioners will halt the Tory rush to police privatisation with their "nothing ruled out contract tenders that include neighbourhood patrols, detective investigations and more.
"Pushing forces to sign massive contracts with a single organisation where value for money is at risk," she is expected to say. "Have they learned nothing from the Olympics?""Pushing forces to sign massive contracts with a single organisation where value for money is at risk," she is expected to say. "Have they learned nothing from the Olympics?"
She will say that Labour recognised that public private partnerships could be important in the police but tough tests had to be applied on value for money, transparency and accountability, resilience and security, and above all on public trust. Cooper will say that Labour recognised public private partnerships could be important in the police but tough tests had to be applied on value for money, transparency and accountability, resilience and security, and above all on public trust.
"We don't want private companies patrolling the public streets of Britain," "We don't want private companies patrolling the public streets of Britain," she is expected to say. "We want police officers ... policing our communities – not private companies putting them under guard."
she is expected to say. "We want police officers ... policing our communities - not private companies putting them under guard." • This article was amended on Wednesday 3 October. The comments that Yvette Cooper is expected to make in her speech have been changed in the light of updated information.