Economic Crime Bill: Lib Dems close ‘Oligarch Loophole’
The Liberal Democrats have closed a major "oligarch loophole" in the Economic Crime Bill after the Government accepted their crucial amendment. Liberal Democrat MP Layla Moran and Liberal Democrat Peer Lord Chris Fox both tabled an amendment to the legislation which sought to close a backdoor route for oligarchs to avoid meeting crucial anti-money laundering requirements contained within the Bill. The Bill establishes a register of beneficial ownership for overseas entities. However, as originally drafted, it gives the Government the power to grant individuals - which could include Kremlin-linked oligarchs - an exemption from its registration requirements on the broad basis of “the interests of the economic wellbeing of the United Kingdom”. The Liberal Democrats warned that this loophole could give ‘carte blanche’ to oligarchs and their enablers to aggressively…