The Economic Crime and Corporate Transparency Bill aims to tackle organised criminals abusing the UK’s open economy. 

Through the reforms, anyone who registers a company in the UK will need to verify their identity, tackling the use of companies as a front for crime or foreign kleptocrats.

Companies House will be given new powers to check and challenge incorrect or fraudulent information, making it a more active gatekeeper over company creation.

Their investigation and enforcement powers will also be upgraded, enabling the organisation to cross-check data with public and private partners and report suspicious activity to security agencies and law enforcement.