Economic Crime (Transparency and Enforcement) Bill
Debate between Iain Duncan Smith and Kevin HollinrakeMonday 7th March 2022
(2 years, 2 months ago)
Commons ChamberRead Full debate Economic Crime (Transparency and Enforcement) Act 2022 View all Economic Crime (Transparency and Enforcement) Act 2022 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: Committee of the whole House Amendments as at 7 March 2022 - (7 Mar 2022)
Sir Iain Duncan Smith
They should, because the individual has to declare the whole chain. “Not knowing” would be no excuse. It would be the responsibility of individuals to know who those nominees were and to declare them They could not defend themselves. What my right hon. and learned Friend the Member for South Swindon (Sir Robert Buckland) suggested might be a better way of doing this, but my point is that my amendment would nevertheless address it.
Kevin Hollinrake (Thirsk and Malton) (Con)
I am not sure that my right hon. Friend is correct. The Bill defines a legal entity as
“a body corporate, partnership or other entity”.
rather than an individual. I am not sure that, in those circumstances, the amendment would cover the individual.
Sir Iain Duncan Smith
It might not, but I think it would, because it covers the information that individuals are asked to declare. It may not cover the sanction on the individual, but it covers the knowledge of who that individual is. If there is a better way to do it, however, I am up for it. That is feasible, and it may be that my right hon. and learned Friend’s way of doing it is a better way.