Economic Crime and Corporate Transparency Bill — After Clause 46 — Register of members: information to be included and powers to obtain it — 4 Sep 2023 at 21:00

“It is a defence for the relevant body to prove that, at the time the fraud offence was committed…the body had in place such prevention procedures as it was reasonable in all the circumstances to expect the body to have”.

“It is open to the government to make clear in guidance issued for the offence what reasonable procedures would be proportionate for SMEs, and in what circumstances it would be reasonable not to have them at all.”

“significant weaknesses remain in the UK’s supervision regime.”

“We have a complete mishmash on the principles of cost capping at the moment. For example, cases taken in the magistrates’ court have cost capping, as do cases taken by the SRA. However, we do not have cost capping for the most important of all: those large cases where the enforcement agencies are trying to take on big-time oligarchs.”-[Official Report, House of Lords, 27 June 2023; Vol. 831, c. 674.]

“legal actions typically brought…with the intention of harassing, intimidating and financially or psychologically exhausting opponents via improper use of the legal system.”

“there is no point building a dam halfway across a river.”

“If I was asked to advise, on the face of the draft legislation, the first thing I would say is, ‘Have you thought about setting up a trust?’”.

“I might say to someone, ‘If you really want to do this Technicolor, why don’t you have an offshore company and have the shares of the company put in trust, and when you set that trust up, why don’t you think about setting it up as a discretionary trust?” If it is a discretionary trust, the beneficiary does not rank as a beneficiary in law; all they have in law is the right to be considered by the trustee when capital income is distributed.”

“What has to happen here-this is plain as day-is that you have to get rid of this adverse costs issue in a civil case brought by the Government… If you make that point, it will change the whole dynamic-the whole risk-reward-for these people.”––[Official Report, Economic Crime and Corporate Transparency Public Bill Committee, 25 October 2022; c. 66, Q140.]

“On the face of it, the lacuna would seem to defeat the purpose of the legislation”-

“so may be tightened up”-

“in the future, but for the time being, using a nominee to hold UK property will continue to provide privacy as far as the ROE is concerned.”

“may by regulations make provision requiring the registrar, on application or otherwise”,

“which provide for the making of an application may make provision”

“even law enforcement agencies do not know the true identities of the beneficial owners.”

“reasonable in all the circumstances”,

“reasonable in all the circumstances to expect the body to have any prevention procedures in place.”

Debate in Parliament |