Robust laws passed to fight corruption, money laundering and fraud

Organisations whose members are affected by this new legislation have provided the following quotes.

Nick Emmerson, President of the Law Society of England and Wales said: “We welcome Companies House getting new powers, which will enable them to be more active in preventing the creation of, and shutting down, fraudulent companies.

“These powers should help to give people more confidence that companies have put correct information onto the register.

“We look forward to working with Companies House to make sure that the powers introduced are effective in minimising fraud, but at the same time they do not put onerous burdens onto legitimate businesses.”

Glenn Collins, Head of Technical and Strategic Engagement, Association of Chartered Certified Accountants (ACCA) said: “ACCA welcomes reforming the role of Companies House to improve transparency over UK entities. Integrity of corporate information is vital in a modern, open economy. To support business decisions UK businesses need to be confident the companies register has reliable and complete information.”

Robert Mudge, Executive Director of Regulation, Institute of Chartered Accountants of Scotland (ICAS) said: “Ensuring that Companies House has adequate powers to regulate and investigate is also a welcome step forward. This legal update is crucial in enabling registrar to keep up to date with fast moving digital technology protecting individual and businesses against fraud.”

Mike Miller, ICAEW Economic Crime Manager, said:  “We have long campaigned for these important reforms to improving the quality of information held on the Register, which had been subject to abuse for many years. It’s vital for both the business community and the public interest that the platform contains accurate and verified company data, and these changes should achieve this.  

“These are ambitious reforms and will take both time and a significant increase in resourcing to implement effectively. We look forward to working with Companies House to overcome any challenges as these changes are introduced.”

Gareth Jones, Chairman of the Board, ACRA said: “ The Association of Company Registration Agents (ACRA) which represents company formation agents and company service providers broadly welcomes the ECCT Bill and the positive contribution we have been able to make towards its development. Our members have long believed that Companies House should replicate the sort of due diligence that we undertake to ensure the quality of information on the Companies’ Register. The new Act will be a significant contributor to ensuring that the Register cannot be used for unlawful purposes and ACRA looks forward to continuing to work with the Department for Business and Trade and Companies House as the provisions of the Act are implemented over the coming months and years.”