Second Reading Briefing - Economic Crime and Corporate Transparency Bill

October 2022

Throughout the stages of the fast-tracked Bill from the previous Parliament (The Economic Crime (Transparency and Enforcement) Act), there was a broad consensus among lawmakers and civil society that, whilst the Bill was key to quickly filling gaps in the system, additional long-term reforms were required. The UK is not yet armed with the tools it needs to provide a credible economic deterrent to Russian aggression and prevent potentially hundreds of billions of pounds being lost from the public purse.

The new Bill, the Economic Crime and Corporate Transparency Bill, does contain some welcome measures to tackle dirty money in the UK, but the gaps must be filled for these changes not to be undermined.