The House of Lords will continue its examination of the Criminal Finances Bill with the report stage and third reading on 25 April 2017. The report stage is a further chance to examine the Bill, while the third reading is an opportunity to ‘tidy up’ the Bill and make changes. None of the amendents relate to the new corporate criminal offences of failing to prevent facilitation of UK and foreign tax evasion which the Bill will introduce. There is a new clause on arrangements for sharing of beneficial ownership information between the UK and the Crown dependencies and overseas territories, to be inserted in the Proceeds of Crime Act 2002. This will require the relevant minister to present a report to Parliament by 1 July 2019 covering arrangements in place for the period from 1 July 2017 to 31 December 2018.
The House of Lords will continue its examination of the Criminal Finances Bill with the report stage and third reading on 25 April 2017. The report stage is a further chance to examine the Bill, while the third reading is an opportunity to ‘tidy up’ the Bill and make changes. None of the amendents relate to the new corporate criminal offences of failing to prevent facilitation of UK and foreign tax evasion which the Bill will introduce. There is a new clause on arrangements for sharing of beneficial ownership information between the UK and the Crown dependencies and overseas territories, to be inserted in the Proceeds of Crime Act 2002. This will require the relevant minister to present a report to Parliament by 1 July 2019 covering arrangements in place for the period from 1 July 2017 to 31 December 2018.
