The Economic Crime (Transparency and Enforcement) Bill will grant the Registrar of Companies new powers to enforce the accuracy of information on the Companies Register. This measure forms part of the government’s strategy to combat economic crime, while ensuring legitimate businesses continue to see the UK as a great place to invest.
The introduction of a register of overseas entities will enable to crack down on foreign criminals using UK property to launder money. The new register will require anonymous foreign owners of UK property to reveal their real identities to ensure criminals cannot hide behind secretive chains of shell companies, setting a global standard for transparency.