In Plain English
AI-generatedThe Economic Crime and Corporate Transparency Act 2023 is now law. It tightens rules to reveal who really owns and controls UK companies and strengthens the government's ability to tackle economic crime, including fraud and money laundering.
Key Points
- Tightens corporate transparency by requiring identification of ultimate beneficial owners and control structures of UK companies and other entities.
- Strengthens enforcement against economic crime by expanding powers of regulators and law enforcement; increases penalties for non-compliance.
- Improves information sharing and coordination between Companies House, HMRC and other authorities to detect and prevent crime.
- Updates registration and reporting requirements for companies to ensure accurate and timely disclosures.
- Applies to UK businesses and individuals with ownership or control in UK companies, enhancing transparency for beneficial owners.
Progress
The bill has completed its passage through Parliament and received Royal Assent, becoming law.
Voting
Across divisions, the government and its allies (notably Conservative MPs, with DUP and Reform UK) generally voted in favour, while Labour and many other opposition parties opposed the amendments and the bill in various votes.
Who is affected?
UK companies and their directorsUltimate beneficial owners and those with control in companiesAccountancy and legal professionals involved in AML/KYC complianceBanks and other financial institutionsRegulators and enforcement bodies (e.g., Companies House, HMRC, law enforcement)Members of the public and investors who benefit from reduced economic crime
Generated 21 February 2026