John Baron MP signs and tables amendments to Economic Crime Bill

MP: Legislation will shine a brighter light on dirty money

Today in the Commons, the Government intends to pass all stages of the Economic Crime Bill, which will aid in efforts to crack down on Russian and other dirty money in the UK. It will introduce a Register of Overseas Entities, which will force owners of British properties to disclose their real identities, as well as improvements to the powers of Unexplained Wealth Orders to make them more effective. John has signed some amendments tabled by Chris Bryant MP and Dame Margaret Hodge MP, as well as tabling his own amendment (New Clause 24) to assess whether there is sufficient funding for the relevant agencies policing these and other sanctions rules.

John said,

“The Economic Crime Bill takes some important steps to improve transparency and beef up the enforcement process. It will shine a brighter light on the questionable money circulating around our economy and is a key plank of the Government’s sanctions moves against Russia.

“However, a number of us believe the Government should go further in various areas – for example by ensuring that the various enforcement agencies, such as the National Crime Agency, are properly funded and therefore fit for purpose for the important job it has to do. Good laws are meaningless if they can not be enforced.”

Notes to Editors:

• John has signed amendments 24, 25, 26, 27 and New Clause 10 tabled by Chris Bryant MP, as well as New Clause 2 tabled by Dame Margaret Hodge MP. He has also tabled his own New Clause 24.

• Amendment 24 would require the identity of a sanctioned registered beneficial owner to be included in an application for registration on the Register of Overseas Entities.

• Amendment 25 would require the statements under amendment 24 to be updated annually.

• Amendment 26 would remove the requirement that a false statement to the registrar needs to be proven to be given ‘knowingly or recklessly’ for that statement to constitute an offence.

• Amendment 27 would give the registrar the powers to demand information from other sources if they suspect false information had been provided.

• New Clause 10 would require the Government to hold Commons debates following the publication of reports under the Anti-Money Laundering Act 2018.

• New Clause 2 would require the Government to publish a report to Parliament on the funding of agencies which will be overseeing the powers in the Bill.

• New Clause 24 would require the Government to publish a report to Parliament on the funding of agencies which will be overseeing the powers in the Bill along an assessment of the funding situation with the regards to the wider efforts against economic crime.