Article summary
Members of the House of Lords have discussed the main purpose and key principles of the Economic Crime and Corporate Transparency Bill during its second reading, on Wednesday 8 February. The Bill seeks to prevent organised criminals, fraudsters, kleptocrats and terrorists from using companies to abuse the UK’s open economy, strengthen the UK’s broader response to economic crime and support enterprise by enabling Companies House to deliver a better service. Topics covered in the debate on Wednesday included, the cost of economic crime to the UK, transparency and reporting requirements for companies and the power of law enforcement to seize cryptoassets.
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