Rahman Ravelli give their assessment of the government's economic crime bill

The government unveiling its second economic crime bill of the year led Law360 to ask Rahman Ravelli for their thoughts on the proposed legislation.

The Economic Crime and Corporate Transparency Bill will give Companies House new powers to combat money laundering and will extend the Serious Fraud Office’s (SFO) Section 2A powers to compel individuals or banks to share information.

Rahman Ravelli said that the Bill aims to root out criminal activity without placing extra burdens on companies. But they warned that it remains to be seen whether the reforms will put undue obligations on already compliant companies.

They explained that the broadening of the Companies House registrar's powers and more effective investigation powers could lead to an increase in investigations by Companies House, and to subsequent enforcement action if information is shared with law enforcement agencies.

Rahman Ravelli said the agency may benefit from the extension of its Section 2A powers, which could help its director assess whether to formally commence an investigation.

To read Rahman Ravelli's comments visit Law360. (Subscription required)

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