- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-09-27T13:54:00
The U.K. government said it wants to give Companies House more power and resources to help combat money laundering.
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom. The bill would give the organization—which provides a public register of businesses, their accounts, and their directors—new powers to “check, challenge, and decline” false information when new companies are set up.
Companies House’s investigation and enforcement powers would also be beefed up, enabling it to cross-check data with other organizations and report suspicious activity to security agencies and law enforcement, the U.K. government stated in a Sept. 22 press release.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance rise in 2023, a survey by LexisNexis and Oxford Economics found.
The success of the U.K.’s latest legislative efforts to tackle financial crime depends on the capability of transforming what is often regarded as one of the country’s most passive regulators into a proactive—even aggressive—prosecuting authority.
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.
The Department of Justice has added antitrust compliance guidance in an update to its Evaluation of Corporate Compliance Programs.
Change is likely coming to the Securities and Exchange Commission’s enforcement priorities with the pending handover of the White House to Republican President-elect Donald Trump. Adjust your compliance priorities accordingly.
