House of Commons creates 'failure to prevent money laundering' office

News Team, 12/09/2023

The Commons has reversed all six amendments made by the House of Lords to the Economic Crime and Corporate Transparency Bill.

These government changes include a new offence of "failure to prevent fraud" and a significant widening of the "identification doctrine".

The six government defeats in the Lords were:

- Making it a requirement for shareholders to state, as well as their name and address, whether they are or are not acting as a nominee


Continue reading this article...

Start a free trial now for access to breaking news of the regulatory environment and legislative change happening in wealth management.

You are currently not logged in,
login to view the full article
start by clicking this button.

Need a subscription,
fill out the form here or
contact subs@eprivateclient.com

About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM


eprivateclient is the leading website and news service for private client practitioners, including lawyers, accountants, trustees and fee-based IFAs.

Read more