Partner Amjid Jabbar comments on the effectiveness of the Economic Crime and Corporate Transparency Bill in tackling economic crime in Law360.
Amjid’s comments were published in Law360, 22 September 2022, and can be read here.
“The Bill is useful in principle, although in my experience high-level legislation may often fall short in tackling financial crime. Whilst increased powers to Companies House will allow the organisation to more actively police company creation, it may not have much impact on the creation of front companies used for fraudulent or illicit activity. Regulators should ensure that more is done to tackle financial crime at all levels to reduce fraud.”
“It is also of interest to see how the extension of powers of S2 compelled information gathering under the bill, which at the moment are confined to international bribery, to all kinds of crime will be deployed. The powers are a controversial tool.”
04 Dec 2023