News EditorSolicitors Journal

Economic Crime Bill: unforeseen challenges and potential loopholes

Economic Crime Bill: unforeseen challenges and potential loopholes

The Law Society has offered its help to strengthen the bill

The Law Society has today (7 March) offered its help to remove potential loopholes in the government’s new Economic Crime Bill as MPs prepare to debate measures including improvement of transparency and uncovering potential criminal activity.

Law Society president I. Stephanie Boyce said the Law Society welcomed the introduction of the Economic Crime Bill and supported the government’s aim to improve transparency of property ownership in the UK and the creation of a new register for overseas entities.

“We support the Bill‘s aim to uncover potential criminality in a way that minimises any unnecessary burden on legitimate commercial activity, though whether it’s successful will depend on how it’s implemented”.

Boyce added that for the bill to succeed, businesses must “be supported in understanding how the powers within it can be used”.

Last week, global independent financial and strategic consulting firm, Accuracy, warned that businesses would need to have a clear understanding of the bill’s proposals to avoid being liable for inadvertent breaches.

However, Boyce said the Law Society believed the bill “can be stronger”. She said the Society had “identified several possible unforeseen challenges in the draft legislation, which could lead to bad actors exploiting potential loopholes in land, property and company ownership”.

The Law Society is keen to offer its expertise to help strengthen the Bill “and remove any potential loopholes that might be exploited by unscrupulous actors”, said the Law Society president.

Tags:
AdvertisementAdvertisementAdvertisementAdvertisementAdvertisementAdvertisementAdvertisementAdvertisement
Latest News

Parents and carers to be given new employment protections

Fri May 26 2023

Committee finds plans to level up the country risk failure due to funding concerns

Fri May 26 2023

Government consults on enforcement mechanisms for animal health and welfare offences

Fri May 26 2023

Government expands legal aid eligibility

Thu May 25 2023

Council of Europe identifies serious concerns affecting minorities in the UK

Thu May 25 2023

ONS finds international migration to the UK hit new high in 2022

Thu May 25 2023

Government consults on plans to reduce reporting burdens on businesses

Wed May 24 2023

Committee report finds government not taking harms from alcohol seriously enough

Wed May 24 2023

Committee seeks views on the Digital Markets, Competition and Consumers Bill

Wed May 24 2023
Featured
A closer look at the trademark dispute between retail giants Lidl and Tesco
The UK maternity care crisis: £5bn in avoidable damages claims
Understanding Chinese underground banking and the risks
The building blocks for a successful collaborative culture
SJ Interview: James Fulforth
Long-awaited reports and controversial bills dominate