Economic Crime and Corporate Transparency Bill continues Committee stage

The Economic Crime and Corporate Transparency Bill has had its 3rd, 4th and 5th sittings in the Public Bill Committee.  It heard evidence from several regulators, industry organisations, financial institutions and experts. 14 further sittings are still tabled for the line by line discussion, with the last session on 24 November.

92 pages of amendments have been tabled for discussion, including:

• a power for Companies House to stop an individual from holding an excessive number of directorships;
• to require a fund to be set up for tackling economic crime;
• to impose identity verification requirements on directors of overseas companies;
• to require businesses to obtain information and carry out checks for the purpose of identifying and reporting discrepancies between that information and the information held by Companies House; and
• to add a Schedule to the Anti-Terrorism, Crime and Security Act on seizure and detention of crypto-assets.