Companies House has published an ‘indicative timeline’ for implementation of key provisions of the Economic Crime and Corporate Transparency Act 2023 which will reform its role and improve transparency across UK companies and other legal entities. Broadly the plan sets out a number of key milestones including the following:
March 2024: increased powers now in place to share data with other law enforcement agencies and government departments to improve the quality of information on the companies register (including rejecting company names which are designed to mislead or facilitate fraud).
Autumn 2024: powers to issue financial penalties for relevant offences under the Act.
Spring 2025: powers relating to verification of individuals and authorised corporate service providers (eg to allow individuals voluntarily to verify their identity).
Summer 2025: access available on request to certain trust information on the Register of Overseas Entities.
Autumn 2025: mandatory identity verification requirement at incorporation and on new appointments...
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Companies House has published an ‘indicative timeline’ for implementation of key provisions of the Economic Crime and Corporate Transparency Act 2023 which will reform its role and improve transparency across UK companies and other legal entities. Broadly the plan sets out a number of key milestones including the following:
March 2024: increased powers now in place to share data with other law enforcement agencies and government departments to improve the quality of information on the companies register (including rejecting company names which are designed to mislead or facilitate fraud).
Autumn 2024: powers to issue financial penalties for relevant offences under the Act.
Spring 2025: powers relating to verification of individuals and authorised corporate service providers (eg to allow individuals voluntarily to verify their identity).
Summer 2025: access available on request to certain trust information on the Register of Overseas Entities.
Autumn 2025: mandatory identity verification requirement at incorporation and on new appointments...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
