Tuesday, March 08, 2022

Economic Crime Bill fast-tracked through the House of Commons

Yesterday with all-party support key measures in the Economic Crime Bill were fast-tracked through the House of Commons, strengthening and accelerating our response to Russia’s invasion of Ukraine.

  • It is essential to ensure there is nowhere left to hide for those complicit in Putin’s tyrannical regime by cracking down on those supporting Russia’s campaign of destruction. 
  • So new measures are being put into law through the Economic Crime Bill to clamp down on corrupt elites – including shortening the deadline to register overseas entities to six months, making it easier to enforce global sanctions, and broadening the scope of Unexplained Wealth Orders.
  • These unprecedented measures will help Britain's law enforcement agencies to take more effective action against corrupt elites and criminals, and send a clear message that we will come for their ill-gotten gains.
  • This will also make it easier to target Putin's allies and the people who hold his ill-gotten wealth.

It has been suggested that a "mirror" clause may also be added to this or to sanctions legislation enabling Britain to immediately copy sanctions imposed on the Putin administration or their cronies by our allies in the USA or EU and, speaking personally, I hope this can be brought into law as soon as possible.

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