Lords concludes scrutiny of economic crime bill
The Economic Crime and Corporate Transparency Bill had its third reading on Tuesday 4 July.
The third reading provides a chance for members to make sure the eventual law is effective, workable and without loopholes. According to a Parliament press release, the bill seeks "to prevent organised criminals, fraudsters, kleptocrats and terrorists from using companies to abuse the UK's open economy". It is also intended to strengthen the UK's broader response to economic crime and to support enterprise by enabling companies house to deliver a better service.
A number of government amendments to the bill were put forward ahead of third reading on subjects including rules on providing information on those with significant company control, including exemptions and registering beneficial owners of overseas entities. Members also discussed the passage of the bill at the conclusion of its Lords stages.
Following completion of third reading, the bill now returns to the Commons for?consideration of Lords amendments.