A new bill to tackle economic crime is currently progressing through the legislative process. The Economic Crime and Corporate Transparency bill (the Bill) was first laid on 22 September 2022 and is expected to receive royal assent in the coming weeks. Whilst the Bill remains subject to change as it continues to pass through Parliament, its key provisions are likely to remain relatively similar.
In this briefing we look at the Bill's proposed amendments to the Proceeds of Crime Act 2002 (POCA), including in relation to regulated sector reporting and information sharing, and cryptoasset confiscation and recovery, in addition to the Bill's proposed enhancements to the regulatory and investigatory powers of the Serious Fraud Office (SFO) and Solicitors Regulation Authority (SRA). We consider the practical implications of those proposals and the broader context of economic crime reform in the UK.
Please read the full briefing here.
The Bill also proposes very significant reforms to the role of Companies House, which are summarised in a separate briefing (available here).
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