The Economic Crime and Corporate Transparency Bill was made into UK law on 26th October, heralding tough new laws to fight financial crime. Katarina Pranjic explains what this legislation paves the way for, namely:
- Companies House reform to prevent abuse of the companies register.
- Powers for Companies House to investigate and act on suspected wrongdoing.
- Seize and freeze powers for law enforcement to more easily recover crypto assets used in criminal activities.
- Removal of red tape to boost financial crime prevention efforts.
- New intelligence gathering powers for the NCA.
Watch this 5 minute video to discover why the new legislation is a much-needed step forward in the UK’s efforts to turn the tide on financial crime.