The investigations team have written an article discussing the amendments made to the Economic Crime and Corporate Transparency Bill, following the House of Commons debate of the House of Lords amendments on 4 September 2023. The House of Commons voted to include an exemption for small and medium-sized enterprises, and remove the extension of the proposed offence to failure to prevent money laundering. The Bill has progressed through the House of Lords and is in the final stages, due to receive Royal Assent by the end of the year. The Government is under a statutory duty to publish guidance on ‘reasonable procedures’ before the offences under the Bill come into force.
The full briefing can be found on the Regulation Tomorrow blog here.