Rahman Ravelli gives their assessment of the Economic Crime Transparency and Enforcement Act

Financier Worldwide asked Rahman Ravelli for their thoughts about the newly-introduced Economic Crime Transparency and Enforcement Act.

Rahman Ravelli explained that the Act made measures that had been considered for years a reality, prompted by Russia’s invasion of Ukraine. The Act attempts to reform the UK’s use of sanctions and targets those who try to hide their illicitly-acquired wealth in the UK.

Rahman Ravelli emphasised that the Act introduces the concept of a foreign ownership register while also building on the existing unexplained wealth orders (UWOs) and sanctions regimes; making it easier to introduce and enforce such measures.

They made it clear that there does not appear to have been time to complete all the necessary improvements to boost the UK’s fight against economic crime, due to the Act being rushed through following events in Ukraine. Rahman Ravelli say they expect further legislation to change the Companies House regime and the convoluted issue of people with significant control (PSC).

You can read Rahman Ravelli's comments on Financier Worldwide.

Featured at: Financier Worldwide