The Economic Crime and Corporate Transparency Bill was introduced in Parliament towards the end of September. The Bill will bring wide-reaching reforms to Companies House in the biggest upgrade in 170 years. New powers to check, challenge and decline incorrect or fraudulent information, will include the introduction of identity verification for new and existing directors and agents who act on their behalf.
The Bill will also help prevent the abuse of limited partnerships – including those registered in Scotland, for money laundering and other nefarious purposes – by tightening entity registration and transparency requirements.
Law-abiding businesses and investors across the UK will benefit from simplified filing requirements and a more reliable companies register to inform business and lending decisions. The reforms will ensure that small business owners, consumers and the public are better protected from fraudulent use of their identities and addresses.
Companies House will provide regular updates about the Bill's progress through Parliament and information on how this legislation will affect companies in their newsletter.