Economic crime – what firms need to know about the government’s reforms
Regulated businesses will need to take heed of the proposals contained in the brand new Economic Crime and Corporate Transparency Bill 2022, which should become binding law, without any significant changes, in the near future.
The bill, which is the latest in a string of recent instruments introduced by the UK government as part of its fight against economic crime, sets out a raft of provisions targeting corporate registration and verification requirements, as well as information-sharing and regulatory reporting obligations.
The bill also widens law enforcement authorities’ powers to seize cryptoassets and to request information from corporates and financial institutions early in their investigation. Below are the most significant proposals with which financial services professionals should be familiar.
In this article for Thomson Reuters Regulatory Intelligence, Neil Swift and Diana Czugler review current proposals, including:
– Companies House reforms.
– Reporting suspicions and sharing intelligence.
– Seizing, freezing and confiscating cryptoassets.
– Compelled information requests from the Serious Fraud Office.
Please note that the article is behind a paywall.