Author: Niall Hearty 21 June 2022
Financier Worldwide asked Rahman Ravelli’s Niall Hearty for his thoughts about the newly-introduced Economic Crime Transparency and Enforcement Act.
Niall 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.
Niall 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.
He 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. He said he expects further legislation to change the Companies House regime and the convoluted issue of people with significant control (PSC).
You can read Niall's comments on Financier Worldwide.
Niall has a wealth of corporate crime expertise and an ability to coordinate global bribery and corruption cases. His achievements in such investigations have made him a logical choice for corporate clients.