Progress Being Made on the Implementation of the Economic Crime and Corporate Transparency Act 2023
The first progress report for the implementation and operation of the Economic Crime and Corporate Transparency Act 2023 has been published by the Department for Business and Trade. This act received Royal Assent in October 2023, serving to fight illicit finance while ensuring legitimate business operations continue seamlessly.
Parts 1 to 3 of the act address important areas, such as:
- Reforms to Companies House processes and the introduction of new statutory functions and objectives for the Registrars of Companies.
- Updates to the laws governing limited partnerships.
- New arrangements for the Register of Overseas Entities. It was originally created by the Economic Crime (Transparency and Enforcement) Act 2022.
The first wave of these reforms was implemented on 4 March 2024 and involved changes by Companies House that will cater to the required systems, processes, and organizational adjustments necessary to enforce the new registrars’ objectives and powers, including legal requirements applicable to companies. The Department for Business and Trade has stated that it will provide an annual report to Parliament on the implementation and functioning of these provisions until 2030.
Need Business Support?
3E Accounting is a leading global corporate service provider providing a range of business support services in the UK. We can help take care of each operational requirement of your business as you focus on growing it. Contact us to know more about our services.
