The Economic Crime and Corporate Transparency Bill aims to “drive dirty money out of the UK,” read a press release by the Home Office.
The Bill is currently in Parliament for a second reading that will take place next month. Organised criminals, terrorists, and kleptocrats will be targeted, by needing to verify their identity before being able to register a company in the UK.
The new regulation will require more transparency from businesses forming limited partnerships, and simplify registration processes for reliable businesses to protect small business owners and consumers from falling prey to fraud and money laundering.
On the Bill, Business Secretary Jacob Rees-Mogg stated: “This historic Bill will equip Companies House and law enforcement with the tools they need to root out criminals attempting to hide their activities without burdening law-abiding companies with unnecessary bureaucracy.Read more on finextra.com