Facebook behaves like a “digital gangster,” has deliberately broken privacy and competition law, and should be subject to statutory regulation urgently, according to a U.K. parliamentary report.

The final report of the Digital, Culture, Media and Sport select committee’s 18-month investigation into disinformation and fake news says that “the dominance of a handful of powerful tech companies has resulted in their behaving as if they were monopolies in their specific area,” with “Facebook, in particular, [being] unwilling to be accountable to regulators around the world.”

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...