Round Up: UK Aims to Crackdown on FinCrime with Economic Crime and Corporate Transparency Bill 2022
New crackdown on fraud and money laundering to protect UK economy
The Economic Crime and Corporate Transparency Bill will strengthen the UK’s reputation as a place where legitimate businesses can thrive while driving dirty money out of the UK. Through the reforms, anyone who registers a company in the UK will need to verify their identity, tackling the use of companies as a front for crime or foreign kleptocrats.
The reforms to Companies House – its biggest upgrade in 170 years – will also see the organisation armed with new powers to check, challenge and decline incorrect or fraudulent information, making it a more active gatekeeper over company creation. The investigation and enforcement powers of Companies House will also be upgraded, enabling the organisation to cross check data with public and private partners, as well as reporting suspicious activity to security agencies and law enforcement… Read the full press release here: https://www.gov.uk/government/news/new-crackdown-on-fraud-and-money-laundering-to-protect-uk-economy
Factsheets
Factsheets giving details of the different measures contained in the Economic Crime and Corporate Transparency Bill:
Fact sheet: Economic Crime and Corporate Transparency Bill overarching: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-economic-crime-and-corporate-transparency-bill-overarching
Fact sheet: the role and powers of the Registrar of Companies: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-the-role-and-powers-of-the-registrar-of-companies
Fact sheet: company names: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-company-names
Fact sheet: identity verification and authorised corporate service providers: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-identity-verification-and-authorised-corporate-service-providers
Fact sheet: preventing abuse of personal information on the Register: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-preventing-abuse-of-personal-information-on-the-register
Fact sheet: improving transparency of company ownership: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-improving-transparency-of-company-ownership
Fact sheet: Companies House fees: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-companies-house-fees
Fact sheet: company accounts: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-company-accounts
Fact sheet: limited partnerships: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-limited-partnerships
Fact sheet: impact of corporate transparency reforms on limited liability partnerships: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-impact-assessments
Fact sheet: Civil sanctions and offences relating to reform of Companies House and limited partnerships: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105665/11._Civil_Sanctions_and_Offences_Relating_to_Reform_of_Companies_House_and_Limited_Partnerships.pdf
Factsheet: cryptoassets – key terms and definitions: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/factsheet-cryptoassets-key-terms-and-definitions
Fact sheet: cryptoassets technical: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-cryptoassets-technical
Fact sheet: cryptoassets – legislation: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-cryptoassets-legislation
Fact sheet: information sharing measures: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-information-sharing-measures
Fact Sheet: the removal of the statutory cap on financial penalties for the Law Society, as delegated to the Solicitors Regulation Authority: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-the-removal-of-the-statutory-cap-on-financial-penalties-for-the-law-society-as-delegated-to-the-solicitors-regulation-authority
Fact sheet: new regulatory objective in the Legal Services Act 2007: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-new-regulatory-objective-in-the-legal-services-act-2007
Fact sheet: the extension of the Serious Fraud Office’s pre-investigation powers: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-the-extension-of-the-serious-fraud-offices-pre-investigation-powers
Fact sheet: economic crime in the UK: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-economic-crime-in-the-uk
Main page of fact sheets: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets
Impact Assessments
Impact assessments relating to the Economic Crime and Corporate Transparency Bill:
Impact assessment for the Department for Business, Energy and Industrial Strategy: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105777/1._Impact_Assessment_from_Department_for_Business__Energy_and_Industrial_Strategy.pdf
Regulatory Policy Committee opinion: corporate transparency and Companies House register reform: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105781/2._RPC_Opinion_-_Corporate_Transparency_and_Companies_House_Register_Reform.pdf
Regulatory Policy Committee opinion: reform of limited partnership law: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105789/3._RPC_Opinion_-_Reform_of_limited_partnership_law.pdf
Impact assessment: overarching economic crime measures (Home Office measures): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105797/4._Overarching_Economic_Crime_Measures_IA.pdf
Impact assessment: cryptoassets: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105799/5._Cryptoassets_IA.pdf
Impact assessment: exemptions for handling mixed suspected criminal and legitimate property: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105802/6._Exemptions_for_handling_mixed_suspected_criminal_and_legitimate_property_IA.pdf
Impact assessment: DAML: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105806/7._DAML_Review_IA.pdf
Impact assessment: Information Orders: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105810/8._Information_Order_IA.pdf
Impact assessment: information sharing: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105814/9._Information_Sharing_IA.pdf
Regulatory Policy Committee opinion: Economic Crime and Corporate Transparency Bill 2022 (Home Office measures): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105819/10._2022-07-14-RPC-HO-5197_1_-Economic_Crime_Bill_.pdf
Impact assessment: enhanced due diligence: designation of high-risk countries (HM Treasury): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105823/11._-_EBC_DM_IA_-_HRTC_Measure_.pdf
Impact assessment: the removal of the statutory cap on financial penalties in relation to economic crime matters (Ministry of Justice): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105826/12._MoJ_Impact_Assessment_Fining_Measure.pdf
Impact assessment: regulators of legal services: objective relating to economic crime (Ministry of Justice): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105829/13._MoJ_Impact_Assessment_Regulatory_Objective_Measure.pdf
Main page of impact assessments: https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-impact-assessments
European Convention on Human Rights (ECHR) memoranda
European Convention on Human Rights (ECHR) memoranda relating to the Economic Crime and Corporate Transparency Bill:
ECHR memorandum: Parts 1-3 Economic Crime and Corporate Transparency Bill: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105845/ECHR_Memorandum_for_Parts_1-3_Economic_Crime_and_Corporate_Transparency_Bill__BEIS_components_.pdf
ECHR memorandum: Parts 4-5 Economic Crime and Corporate Transparency Bill: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105849/ECHR_Memorandum_for_Parts_4-5_ECCT_Bill__Home_Office_MoJ_SFO_.pdf
Main page to European Convention on Human Rights (ECHR): https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-echr-memoranda
Economic Crime and Corporate Transparency Bill 2022 – Document Collection
Main page for overarching documents (fact sheets, impact assessments and ECHR memoranda) that relate to the Economic Crime and Corporate Transparency Bill… See the links here: https://www.gov.uk/government/collections/economic-crime-and-corporate-transparency-bill-2022
Economic Crime and Corporate Transparency Bill – Volume 719: debated on Thursday 22 September 2022
The Government are today introducing the Economic Crime and Corporate Transparency Bill, as committed to in the Queen’s Speech at the start of this parliamentary Session. Building on the recently enacted Economic Crime (Transparency and Enforcement) Act 2022, the measures in this new, significant Bill enable us to bear down further on kleptocrats, criminals and terrorists who abuse our open economy, strengthening the UK’s reputation as a place where legitimate business can thrive while driving dirty money out of the UK.
The UK is at the forefront of global efforts to tackle illicit finance and economic crime… Read the all the statement here: https://hansard.parliament.uk/Commons/2022-09-22/debates/22092219000013/EconomicCrimeAndCorporateTransparencyBill
Economic Crime and Corporate Transparency Bill – Main Parliament page
Main page for the Economic Crime and Corporate Transparency Bill, including details, news, stages and publications… Read the all the details here: https://bills.parliament.uk/bills/3339
Economic Crime and Corporate Transparency Bill, explanatory notes: https://publications.parliament.uk/pa/bills/cbill/58-03/0154/220154.pdf
