ICAEW Insights In Focus: What’s in the second Economic Crime Bill?

In this episode of the ICAEW Insights podcast, we look at the Economic Crime Bill currently passing through Parliament.  

The Bill follows the Economic Crime Act, which became law in March. That legislation was fast tracked in response to the Russian invasion of Ukraine and included a raft of measures to sever economic ties with Russia. Now, this new Bill aims to bring about wider changes on how financial information is gathered and shared in the UK.

Reforming Companies House is front and centre. As registrar of companies, the aim is to make it more active in spotting misbehaviour and in working with law enforcement. So what will that mean for chartered accountants as reporting and filing requirements for companies change and what else is in the Bill? 

Philippa Lamb discusses the Bill with ICAEW’s Head of Corporate Reporting Policy Sally Baker, Paul Brehony, Partner at Signature Litigation, and Edmund Smyth, Partner at Kingsley Napley.

Links
Economic Crime Bill 2: what it means for you
https://www.icaew.com/insights/viewpoints-on-the-news/2022/oct-2022/economic-crime-bill-2-what-it-means-for-you

ICAEW Economic Crime hub
https://www.icaew.com/technical/trust-and-ethics/economic-crime

Paul Brehony on what EC Bill 2 means for accountants
https://www.signaturelitigation.com/paul-brehony-and-kate-gee-discuss-what-the-new-economic-crime-bill-means-for-accountants-and-company-directors-in-accountancy-daily/

Edmund Smyth’s review of the Bill
https://www.kingsleynapley.co.uk/insights/blogs/criminal-law-blog/the-economic-crime-and-transparency-bill-a-mixed-bag

Host
Philippa Lamb

Guests
Sally Baker, Head of Corporate Reporting Policy, ICAEW
Paul Brehony, Partner, Signature Litigation
Edmund Smyth, Partner, Kingsley Napley

Producer
Natalie Chisholm 

Episode first published: 7 December 2022
Podcast recorded: 28 November 2022