OUR GLOBAL MOVEMENT
Amendment 117 amends the ECTE Act to prevent kleptocrats and criminals sidestepping new transparency rules by using trusts to own overseas companies that in turn own UK property, hiding their ownership of these properties from public view.
In the wake of Russia’s war in Ukraine, the Economic Crime and Corporate Transparency Bill is a crucial contribution to improving the UK’s armoury for tackling dirty money. However, key loopholes remain in the Bill.
The first part of this briefing includes amendments expected to be addressed at Report Stage (Day 1) on Tuesday 20th June that would close key loopholes. (The full text of these amendments can be found in the Annex.)
The second part of this briefing contains brief overviews of key amendments expected on Report Stage (Day 2), on Tuesday 27th June. Please note - There will be a separate forthcoming amendment briefing ahead of Day 2, including the full amendment texts.
