Contributions
1,586 recent contributions in Hansard
HANSARDEconomic Crime and Corporate Transparency Bill (Fourth sitting)Q We heard earlier about some of the deficiencies in the way that documents are delivered and uploaded to the Companies House website, and how they can be used thereafter. Are…27 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Fourth sitting)Q Thank you, that is useful. As one of the organisations under the OPBAS umbrella, how do you feel that is going with anti-money laundering supervision because there has been some…27 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)That is okay. No problem.25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q This is obviously a fast moving area and a lot of expertise is required. Do the enforcement authorities have sufficient expertise to keep pace with this? We heard from a witness…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Q Do you have a view about where you would like the level to be? The Treasury Committee suggests £100. Simon Welch: I do not know. If you were to ask a businessman what they were…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q Briefly, how do you feel the measures in the Bill relate to the other measures around regulation in the Financial Services and Markets Bill? I am conscious that the two Bills…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Thank you. I will leave it at that.25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Yes—by some margin. Simon Welch: So is there a view for increasing that and using it for Companies House to invest in verification? That is something that could be looked at.25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Q To who? Martin Swain: At the moment we are looking at two options. We are working closely with Government Digital Service and others on the potential for the Government…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Q There has been a growing trend of people setting up companies using someone else’s address and name. Presumably those will still exist on the register after this legislation…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q Thank you, Chair. You talked about the impact on SLPs from the changes in legislation. Have you looked at the issue of Irish limited partnerships? Bellingcat has found that over…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Q You talked about persons with significant control and whether or not they are really the person controlling that company. There has been only one fine issued to somebody for not…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Q We heard from UK Finance earlier that currently the proposals are below industry standard. Martin Swain: I heard that, and I am surprised that they are saying that. I will have…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Q Okay. How are you weighing up the balance of those two? Martin Swain: It goes back to some of the things that I said about ease of doing business. There are two key parts of our…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q That is useful. Incorporation fees are ridiculously low at £12. The Treasury Committee recommended £100. Do you have a view on that? Nick Van Benschoten: I do not think they are…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (Second sitting)Q How exactly will the verification scheme that you propose work? Martin Swain: At the moment we are in the design phase for verification. I should say first of all that we will…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q Leading on from that question, we are putting a lot of provisions in the legislation. Is the legislation sufficient to keep pace with those technological changes? Arianna…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q Are the measures in the Bill sufficient to protect consumers from being victims of economic crime via crypto? Arianna Trozze: Because they are very clear that they include…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q As a brief follow-up, do you have any information on how much that cost is likely to be? That would be very useful to us. I appreciate you might not have that figure in front of…25 Oct 2022HANSARDEconomic Crime and Corporate Transparency Bill (First sitting)Q Thanks for that, it is really useful. Anti-money laundering responsibility has pushed over on to some of these trust or company service providers, which could be quite a…25 Oct 2022