Partner Richard Cannon comments on the Economic Crime and Corporate Transparency Act in City A.M.

Partner Richard Cannon comments on the expansion of Companies House powers under the Economic Crime and Corporate Transparency Act 2023, and discusses how this will impact fraud and white-collar crime prevention in the UK.

Richard’s comments were published in City A.M., 4 March 2024, and can be found here. 

“The expansion of powers mark a significant shift in the role of Companies House from being a passive depository of company information to becoming an active monitor of incorporations and a custodian of reliable data, sharing data with government bodies and law enforcement agencies. These powers have been described as the biggest shake-up to the service in its 180-year history.

“The upcoming reforms give the agency the authority to scrutinise the identity of company directors and prevent the creation and shutting down of fraudulent companies, designed to combat the abuse of UK corporate structures for perpetrating fraud and money laundering – in part, by incentivising the private sector to tackle these crimes through preventative measures and enhanced due diligence.”