New legislation to tackle global economic crime
The government has brought forward new legislation to tackle economic crime and improve corporate transparency.
The Economic Crime (Transparency and Enforcement) Bill and the Register of Overseas Entities
This new legislation will help the National Crime Agency prevent foreign owners from laundering their money in UK property.
As part of this, a Register of Overseas Entities will be developed to crack down on foreign criminals using UK property to launder their money. The Register of Overseas Entities will be at the heart of a new global standard for transparency and will greatly contribute to improved transparency of ownership.
Corporate transparency and register reform: white paper published
This week, the government has also published a white paper on corporate transparency and register reform.
The white paper sets out the government’s position on reforming Companies House and concludes the results of further consultation and policy development since the government response to the corporate transparency and register reform consultation was published in September 2020.
These reforms will form part of further legislation which will be introduced in the coming months within a further Economic Crime Bill.
These new measures will enable Companies House to play a much broader role in tackling economic crime and improving corporate transparency.