With An Economic Crime Bill Set To Become A Reality, Niall Hearty Of Financial Crime Specialists Rahman Ravelli Considers Some Of The Main Issues It Could Address

• Published date: 15 February 2022
• Subject Matter: Criminal Law, White Collar Crime, Anti-Corruption & Fraud
• Law Firm: Rahman Ravelli Solicitors
• Author: Niall Hearty

Just a week after refusing to confirm or deny any such plans, the UK government has stated it will introduce an economic crime bill in the coming year.

The announcement comes after the resignation of former government minister Lord Theodore Agnew, who was highly critical of what he called the government's "lamentable'' attempts to tackle financial crime.

The new legislation is expected to include stronger anti-money laundering rules and revised regulations regarding the formation of UK-based companies.

There is little doubt that there has been a demand for such legislation. Politicians from all political parties have said they believe that major change is needed to prevent the UK attracting even more "dirty money'' from around the world. There have been calls for much greater transparency regarding beneficial ownership of companies, as well as for a revision of the UK's whistleblower protections and a new approach to corporate criminal liability.

The issue of corporate liability has prompted widespread discussion in recent years. Those calling for a fresh look at it have included Serious Fraud Office Director Lisa...