Managing Associate, Knowledge Lawyer Nicholas McVeigh spoke to City AM about the implementation of the first set of powers from the Economic Crime and Corporate Transparency Act 2023, which will introduce significant changes, including for Companies House. The new legislation is designed to prevent the establishment and operation of fraudulent companies.
Nick commented: "Historically, Companies House’s role has been one of passive administrator rather than proactive gatekeeper, and it has had limited powers. The exercise of its new powers will be a major change in practice for Companies House and, so far, there has been limited guidance on exactly how the powers will be used. The scale of the undertaking likely means that it will take time before we notice a big difference to the accuracy and integrity of the register.”
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