What UK Economic Crime and Corporate Transparency Act 2023 (c. 56): Companies House Reform, Identity Verification and the Failure to Prevent Fraud Offence requires
The Economic Crime and Corporate Transparency Act 2023 (c. 56) overhauls the United Kingdom's corporate transparency regime to bear down on the abuse of corporate structures for economic crime, reforming the role of the registrar of companies, introducing identity verification, strengthening the register of overseas entities, expanding cryptoasset confiscation, and creating a new corporate offence of failure to prevent fraud, administered by Companies House and prosecuted by authorities including the Serious Fraud Office. Part 1 reforms company law: section 4 requires identity verification of proposed officers and section 7 requires identity verification of persons with initial significant control, with a dedicated identity verification framework that makes the registrar a more active gatekeeper. Part 3 amends the register of overseas entities created by the Economic Crime (Transparency and Enforcement) Act 2022; section 157 expands the required information about overseas entities and their beneficial owners. Part 4 addresses cryptoassets: section 179 extends confiscation orders to cryptoassets and section 180 extends civil recovery to cryptoassets. Part 5 contains miscellaneous provisions including section 194 on striking out strategic litigation against public participation, and the new corporate criminal offence in section 199 of failure to prevent fraud, which under section 201 applies to large organisations and is subject to a reasonable-procedures defence. The Act is a foundational statute for UK corporate transparency and economic-crime prevention.
Pillar: Financial Crime, AML & Sanctions · Authority: UK Parliament / Companies House; Serious Fraud Office · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2023/56/contents
SHA-256 integrity: 4a696ab3cf8e84cd34ea6541e817c79064221536797a875671cb40612127ee15
Primary Citations — 8 traced to source
- Economic Crime and Corporate Transparency Act 2023, section 4 - proposed officers: identity verification.
- Economic Crime and Corporate Transparency Act 2023, section 7 - persons with initial significant control: identity verification.
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