Chloe Smith
MP for Norwich North
 
Mar
1

Economic Crime Bill

Author: Chloe Smith, Updated: 01 March 2022 10:56

Today the Government will bring forward the Economic Crime Bill to crack down on economic crime and dirty money in the UK following Russia’s invasion of Ukraine.

In light of Russia’s appalling invasion of Ukraine, it is imperative that the Government moves forward with the plan to flush the use of illicit finance and ill-gotten gains out of the UK’s economy.

That is why the Government are bringing forward the Economic Crime Bill, which will create a register of overseas entities, broaden the scope of Unexplained Wealth Orders to target corrupt elites, and strengthen the ability to take action against sanctions breaches. Yesterday the Government also introduced our Corporate Transparency and Register Reform White Paper – delivering comprehensive reform of Companies House.

This legislation will help to crack down on economic crime – preventing foreign owners from laundering their money in the UK’s property and financial sectors. 

For further information, please visit: https://www.gov.uk/government/news/government-takes-landmark-steps-to-further-clamp-down-on-dirty-money

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