Economic Crime and Corporate Transparency Bill introduced to parliament

The Economic Crime and Corporate Transparency Bill will see reforms introduced where anyone who registers a company in the UK will need to verify their identity. 

These changes to Companies House - which the government describes as the biggest upgrade in 170 years - will also see the organisation armed with new powers to check, challenge and decline incorrect or fraudulent information. Additionally, its enforcement powers have been upgraded, enabling it to check data with public and private partners. 

Alongside this, the bill will help prevent the abuse of limited partnerships by tightening registration and transparency requirements for these entities.

Responding to its new powers, Companies House chief executive Louise Smyth said - if agreed - these changes will allow the organisation to “actively improve and maintain the integrity of the register like never before”. 

She added: “While the scale and scope of these changes should not be underestimated, the work already done through our wide-ranging and ongoing transformation programme puts us in a strong position to implement them as quickly and efficiently as possible.”

Law enforcement, meanwhile, will receive greater powers to compel businesses to hand over information that could be related to money laundering or terrorist financing. Red tape around confidential liability will be eased to enable businesses to share information to more proactive prevent and detect economic crime including fraud and sanctions evasion.