UK government launches fraud and money laundering crackdown

finextra.com:

The Economic Crime and Corporate Transparency Bill aims to “drive dirty money out of the UK,” read a press release by the Home Office. The Bill is currently in Parliament for a second reading that will take place next month.

Organised criminals, terrorists, and kleptocrats will be targeted, by needing to verify their identity before being able to register a company in the UK. The new regulation will require more transparency from businesses forming limited partnerships, and simplify registration processes for reliable businesses to protect small business owners and consumers from falling prey to fraud and money laundering.

On the Bill, Business Secretary Jacob Rees-Mogg stated: “This historic Bill will equip Companies House and law enforcement with the tools they need to root out criminals attempting to hide their activities without burdening law-abiding companies with unnecessary bureaucracy. Above all, via strict enforcement measures, we are telling investors that the UK is open for legitimate business only.”

The law will make it easier for authorities to seize, freeze, and recover digital currencies that are being used by cyber-criminals.

Home secretary Suella Braverman stated: “Through this Bill we are giving our law enforcement agencies greater powers and intelligence capabilities to stay one step ahead of the criminals intent on keeping their corrupt assets out of reach.”

The Bill builds on the Economic Crime Transparency and Enforcement Act that facilitated imposing sanctions on Russian assets in the UK and eliminating corruption from outsider borders in UK property.

Director general of the National Crime Agency, Graeme Biggar concluded: “Domestic and international criminals have for years laundered the proceeds