The Economic Crime and Corporate Transparency Act 2023[1] (c. 56) is an act of the Parliament of the United Kingdom. One of the act's main aims is to overhaul the companies registry in the United Kingdom to drive out foreign corrupt funds from the United Kingdom economy. The act is further aimed to counter fraud and money laundering.[2]
| Act of Parliament | |
 | |
| Long title | An Act to make provision about economic crime and corporate transparency; to make further provision about companies, limited partnerships and other kinds of corporate entity; and to make provision about the registration of overseas entities. |
|---|---|
| Citation | 2023 c. 56 |
| Introduced by | Suella Braverman, Secretary of State for the Home Department (Commons) The Lord Johnson of Lainston, Minister of State for Investment (Lords) |
| Dates | |
| Royal assent | 26 October 2023 |
| Commencement | On royal assent and by regulations. |
Status: Current legislation | |
| History of passage through Parliament | |
| Text of statute as originally enacted | |
| Text of the Economic Crime and Corporate Transparency Act 2023 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
Parliamentary passage
editThe bill for the act was introduced to the House of Commons on 22 September 2022 and had its third reading in the House of Lords on 4 July 2023. The act was significantly amended when travelling through the Lords and there was a stand-off with both Houses during the wash-up period leading up to the 2023 prorogation of Parliament about the final form of the act. The act was finally agreed to on 25 October 2023 and received royal assent on 26 October 2023.[3]
Implementation
editCompanies House's implementation costs are being met by increased charges for company filing services, effective from 1 May 2024:
- the charge for changing a company's name online was increased from £8 to £20
- the charge for filing a confirmation statement online was increased from £13 to £34
- the charge for a same-day reduction of share capital was increased from £50 to £136.[4]
See also
editReferences
edit- ^ "Economic Crime and Corporate Transparency Act 2023".
- ^ "Robust new laws to fight corruption, money laundering and fraud". GOV.UK. 26 October 2023. Retrieved 30 October 2023.
- ^ "Parliamentary Bills".
- ^ Fryer, S., Changes to Companies House fees from 1 May 2024, Collyer Bristow, published 28 March 2024, accessed 11 May 2024