The Economic Crime and Corporate Transparency Bill has started its parliamentary passage. The Bill aims to crack down on money laundering and other crimes, primarily through:
- the long-promised Companies House reforms, including new powers for Companies House to check, challenge and decline incorrect or fraudulent information and also giving it wider investigation and enforcement powers;
- tightening registration and transparency requirements for limited partnerships and SLPs; and
- making it easier and quicker for enforcement agencies to seize, freeze and recover cryptoassets.
The Bill additionally caters for simplified filing requirements and a more reliable companies register that should better protect business owners, consumers and the public from fraudulent use of their identities and addresses.
The Bill had its first reading on 22 September and will have its second on 13 October.