Lords examines Criminal Finances Bill

Money and cards
26 April 2017

The House of Lords continued its examination of the Criminal Finances Bill with report stage and third reading on Tuesday 25 April. Report stage is a further opportunity to examine and make changes to a draft law. Third reading is the change for members to ‘tidy up’ a bill, concentrating on making sure the eventual law is effective and workable.

Report stage and third reading took place on the same day, which is unusual in the House of Lords.

Members discussed unexplained wealth orders, terrorist financing, money laundering and a register of beneficial owners of overseas companies.

The bill then returned to the Commons for consideration of Lords amendments.

Following agreement by both Houses on the text of the bill it received Royal Assent on 27 April 2017. Royal Assent is the monarch's agreement to make the bill into an Act of Parliament (law).

Committee stage day two: Monday 3 April

Members discussed subjects including tax evasion, public registers of beneficial ownership of companies, bribery and corporate criminal liability for economic crime.

Committee stage day one: Monday 28 March

Members discussed subjects including property held in trusts, money laundering and compensation.

Lords second reading: Thursday 9 March

Criminal Finances Bill summary

This bill will aim to:

  • amend the Proceeds of Crime Act 2002
  • make provision in connection with terrorist property
  • create corporate offences for cases where a person associated with a body corporate or partnership facilitates the commission by another person of a tax evasion offence

Further information

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