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Royal Assent for the Economic Crime and Corporate Transparency Act

Economic Crime and Corporate Transparency Act

The Economic Crime and Corporate Transparency Act received Royal Assent on Thursday 26 October.

Robust laws to fight fraud, counter corruption and bolster legitimate business.

The act introduces world-leading powers which will allow UK authorities to proactively target organised criminals and others seeking to abuse the UK’s open economy.

Companies House will receive enhanced abilities to verify the identities of company directors, remove fraudulent organisations from the company register and share information with criminal investigation agencies

Law enforcement agencies will benefit from greater powers to seize, freeze and recover crypto assets, while groundbreaking legal reforms will allow the courts to dismiss spurious lawsuits which seek to stifle freedom of speech. Prosecutors will be better able to hold large corporations accountable for malpractice.

These changes will level the playing field for all businesses, small and large. By way of example only, small companies must file a profit and loss account.

Is it a Companies Act by another name? We will follow this over the transitional period as Companies House updates its web site and secondary legislation is introduced.

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