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Lords begins detailed check of Economic Crime and Corporate Transparency Bill

24 March 2023

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Members of the Lords begin their line by line scrutiny of the Economic Crime and Corporate Transparency Bill in committee stage on Monday 27 March.

The Economic Crime and Corporate Transparency Bill seeks to:

  • prevent organised criminals, fraudsters, kleptocrats and terrorists from using companies to abuse the UK’s open economy
  • strengthen the UK’s broader response to economic crime
  • support enterprise by enabling Companies House to deliver a better service.

Line by line examination

Committee stage is the first chance for line by line examination of the bill. 

Proposed changes 

Five days of committee stage have been scheduled so far: 

  • Monday 27 March
  • Tuesday 18 April
  • Thursday 20 April
  • Tuesday 25 April
  • Thursday 27 April*

*schedule is subject to change 

Monday 27 March

Members speaking on day one of committee stage have put forward amendments (PDF) (changes) to the bill to be discussed. 

These amendments cover a range of subjects, including: 

  • proactively tackling false information
  • clarifying the definition of 'appropriate address' for a company's registration.

How to follow  

Explore further information

Read background on the bill in the House of Lords Library Economic Crime and Corporate Transparency Bill briefing.

What's happened so far?

Second reading: Wednesday 8 March

During second reading, members discussed the main issues in the bill and drew attention to specific areas where they think amendments (changes) will be needed.

Topics covered in the debate included:

  • the cost of economic crime to the UK
  • transparency and reporting requirements for companies
  • power of law enforcement to seize cryptoassets. 

Members speaking 

Lord Johnson of Lainston (Conservative), Minister of State in the Department for Business and Trade, opened the debate and responded on behalf of the government.

Members speaking in the debate included:

  • Baroness Altmann (Conservative), former govenor of the London School of Economics
  • Baroness Blake of Leeds (Labour), shadow spokesperson for business, energy, and industrial strategy and international trade 
  • Lord Cromwell (Crossbench), member of the Lords Industry and Regulators Committee
  • Lord Davies if Brixton (Labour), member of the Lords Economic Affairs Committee
  • Lord Faulks (Non-affiliated), former Minister of State for Justice in the Lords
  • Lord Fox (Liberal Democrat), Liberal Democrat spokesperson for business, energy and industrial strategy
  • Lord Garnier (Conservative), member of the Centre for Financial Crime and Security Studies (CFCS), The Royal United Services Institute for Defence (RUSI).

Watch and read the debate

Find out more about the issues discussed: catch up on Parliament TV or read the Lords Hansard transcript.

Image: Adobe Stock