BCL partner, John Binns writes for The Times discussing whether additional transparency and enforcement will be effective against economic crime in 2023.
Here is a short extract from the article*. If you wish to read the full article, please visit The Times website.
"British corporations often seem encouraged to inhabitan
anti-economic crime metaverse, where their focus is not crime or
criminals but their own beneficial owners and controllers, as well
as people who are "politically exposed", designated under
sanctions laws, and/or "connected with" Russia.
By conducting risk assessments and due diligence on such people, and fi ling reports about them, they are deemed to make economic crime less likely. As the new year dawns, the scope and content of that metaverse is vastly increasing.
Last year's twin economic crime bills were mainly concerned with transparency of corporations' beneficial owners. If all goes to plan, 2023 will see the register of overseas corporations that own UK property fleshed out, and Companies House beginning to police the jungle of self-certified information."
*This article was first published by The Times on 05 January 2023. If you wish to read the full article, please visit The Times website.
Please note that you will need a subscription with The Times to access the article.
John Binns is a specialist in proceeds of crime laws, cannabis regulation, sanctions, and tax investigations. He has extensive experience in financial crime, which also involves bribery and corruption, extradition, Interpol, fraud, market abuse, and the conduct of related civil proceedings. He is a prolific writer and speaker on a variety of topics.