THE UK could become “some sort of refuge for dirty money” post-Brexit, Torfaen's MP has said.

Speaking in Parliament this week, Nick Thomas-Symonds, who is also Labour’s shadow solicitor general, said it was important anti-fraud legislation was not lost or diluted once the UK leaves the Europan Union.

“As we leave the EU, the Labour party is very committed to the highest standards of corporate governance and will never tolerate the UK economy becoming some sort of refuge for dirty money," he said.

“As a step to achieving that, a future Labour Government will definitely safeguard the future of the Serious Fraud Office.”

Attorney general Jeremy Wright replied battling fraud was "about effectiveness and co-operation" across the landscape of different organisations that deal with economic crime".

"It is not about whose name is on the letterhead," he said. "It it is about how they do the job.

"We are committed to making sure that, whoever is doing the job of combating economic crime, they are effective, they are properly funded and they have the necessary independence to deliver the results we all want to see."