AML policies, controls and procedures: ask the…
The SRA has warned of the risks posed by “off-the-shelf” policies, controls and procedures (PCPs). Emma Williams sets out what questions to ask to get your PCPs right first time.
The government hopes its Economic Crime and Corporate Transparency Bill will strengthen the UK's reputation as a place where legitimate businesses can thrive while driving dirty money out of the UK.
The proposed reforms to Companies House – its biggest upgrade in 170 years – will also see the organisation given new powers to check, challenge and decline incorrect or fraudulent information.
Companies House's investigation and enforcement powers will also be upgraded, enabling it to cross-check data with public and private partners, as well as reporting suspicious activity to security agencies and law enforcement.
With the City of London Law Society, we welcome the introduction of the bill into Parliament.
We support the government's ongoing commitment to:
In particular, we support measures to enhance the registrar's powers to query, correct and remove information on the various public registers for which they are responsible.
The registrar's current powers are limited, often meaning that simple corrections to filings that have been made in good faith but which are incorrect are not possible without a court order. This can in turn cause difficulties, expense and administrative burdens for businesses.
We welcome the opportunity to engage with the government on the drafting and passage of the bill.
Our full response contains suggestions that will help the government consider the issues arising from some of the proposals and serve to improve or clarify certain points in the draft legislation.
Our suggestions are based around the general themes of:
The bill is currently working its way through Parliament.
It is expected to become law in spring 2023.