Facebook ‘open to meaningful regulation’ after damning fake news report

Facebook has claimed it is open to “meaningful regulation” from British MPs after a damning report accused it of behaving like a “digital gangster” in the online world.

The Parliamentary inquiry into fake news has claimed that Facebook “intentionally and knowingly” violated data privacy and anti competition laws and called for new regulatory powers to launch legal action against companies breaching code.

Karim Palant, UK public policy manager at Facebook, admitted that the company has more work to do but claimed it is “not the same company we were a year ago”. 

He said the company has already made “substantial changes” ahead of the implementation of future regulation in the UK. 

“We’re not waiting,” he said. “Every political ad on Facebook has to be authorised, state who is paying for it and then is stored in a searchable archive for 7 years.

“No other channel for political advertising is as transparent and offers the tools that we do.”

The remarks come as it emerged that Jeremy Wright, Secretary of State for Digital, Culture, Media and Sport, and Digital Minister Margot James are set to visit the US this week to discuss how leading tech companies should take more responsibility to make the internet safer.

Mr Palant claims that Facebook has tripled the size of the team working to detect and protect users from bad content to 30,000 people, and invested heavily in machine learning, artificial intelligence and computer vision technology to help prevent this type of abuse.