Economic Crime and Corporate Transparency Bill (Royal Assent 26 October 2023)

Enacted Bill, Royal Assent 26th October 2023.

This format of the bill is taken from the text of stage 1st reading published on 22 September 2022 by House of Commons

Introduction of this Bill

A Bill to make provision about economic crime and corporate transparency; to make further provision about companies, limited partnerships and other kinds of corporate entity; and to make provision about the registration of overseas entities.

Latest News - 25 October 2023

Outstanding issues on the bill were returned to the Commons for consideration on Wednesday 25 October.

What happens next?

Following the Commons consideration, the bill returned to the House of Lords for further discussion of amendments later on Wednesday 25 October.

Sponsor
Suella Braverman

Source
Home Office

Originating House
House of Commons

History of this Bill

Date	Stage	House	Document	Link
25 October 2023	Consideration of amendments	House of Lords	Bill amendments	HL Bill 178 Commons Insistence and Disagreement
19 October 2023	Consideration of amendments	House of Lords	Bill amendments	Bill 370 2022-23 (Lords insistence, non-insistence and amendments in lieu)
18 October 2023	Consideration of amendments	House of Lords	Minutes	Minutes of Proceedings
18 October 2023	Consideration of amendments	House of Lords	Debates	Lords Hansard
14 September 2023	Consideration of amendments	House of Lords	Bill amendments	HL Bill 172 Commons Reasons and Insistence
13 September 2023	Consideration of amendments	House of Lords	Debates	Consideration of Lords Message - Commons Hansard link
12 September 2023	Consideration of amendments	House of Lords	Bill amendments	Bill 363 2022-23 (Lords Disagreement, Amendments in Lieu and Non-Insistence)
11 September 2023	Consideration of amendments	House of Lords	Debates	Lords Hansard
11 September 2023	Consideration of amendments	House of Lords	Minutes	Minutes of Proceedings
5 September 2023	Consideration of amendments	House of Lords	Bill amendments	HL Bill 166 Commons Amendments to Lords Amendments, Commons Disagreements, Commons Amendments in Lieu and Commons Reasons
4 September 2023	Consideration of amendments	House of Lords	Debates	Consideration of Lords Amendments - Commons Hansard link
4 September 2023	Consideration of amendments	House of Lords	Debates	Programme motion - Commons Hansard link
11 July 2023	3rd reading	House of Commons	Bill amendments	Bill 346 2022-23 (Lords Amendments to the Bill)
4 July 2023	3rd reading	House of Lords	Debates	Lords Hansard
4 July 2023	3rd reading	House of Lords	Minutes	Minutes of Proceedings
27 June 2023	Report stage	House of Lords	Bills	HL Bill 156 (as amended on Report)
27 June 2023	Report stage	House of Lords	Debates	Lords Hansard
27 June 2023	Report stage	House of Lords	Minutes	Minutes of Proceedings
20 June 2023	Report stage	House of Lords	Minutes	Minutes of Proceedings
11 May 2023	Committee stage	House of Lords	Bills	HL Bill 138 (as amended in Grand Committee)
11 May 2023	Committee stage	House of Lords	Debates	Lords Hansard
11 May 2023	Committee stage	House of Lords	Minutes	Minutes of Proceedings
9 May 2023	Committee stage	House of Lords	Debates	Lords Hansrd
9 May 2023	Committee stage	House of Lords	Minutes	Minutes of Proceedings
27 April 2023	Committee stage	House of Lords	Debates	Lords Hansard
27 April 2023	Committee stage	House of Lords	Minutes	Minutes of Proceedings
25 April 2023	Committee stage	House of Lords	Debates	Lords Hansard
25 April 2023	Committee stage	House of Lords	Minutes	Minutes of Proceedings
20 April 2023	Committee stage	House of Lords	Debates	Lords Hansard
20 April 2023	Committee stage	House of Lords	Minutes	Minutes of Proceedings
18 April 2023	Committee stage	House of Lords	Debates	Lords Hansard
18 April 2023	Committee stage	House of Lords	Minutes	Minutes of Proceedings
27 March 2023	Committee stage	House of Lords	Debates	Lords Hansard
27 March 2023	Committee stage	House of Lords	Minutes	Minutes of Proceedings
8 February 2023	2nd reading	House of Lords	Debates	Lords Hansard
8 February 2023	2nd reading	House of Lords	Minutes	Minutes of Proceedings
1 February 2023	1st reading	House of Lords	Explanatory Notes	HL Bill 96 Explanatory Notes
30 January 2023	1st reading	House of Lords	Reports	Lords Hansard
30 January 2023	1st reading	House of Lords	Minutes	Minutes of Proceedings
27 January 2023	3rd reading	House of Commons	Bills	HL Bill 96 (as brought from the Commons)
25 January 2023	3rd reading	House of Commons	Reports	Commons Hansard Report
24 January 2023	Report stage	House of Commons	Reports	Report stage (day 1) - Commons Hansard link
30 November 2022	Committee stage	House of Commons	Bills	Bill 205 2022-23 (as amended in Public Bill Committee)
29 November 2022	Committee stage	House of Commons	Debates	Committee Debates: compilation pdf of sittings so far
29 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 19th sitting
24 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 18th sitting
24 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 17th sitting
22 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 16th sitting
22 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 15th sitting
17 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 14th sitting
17 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 13th sitting
15 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 12th sitting
15 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 11th sitting
8 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 10th sitting
8 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 9th sitting
3 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 8th sitting
3 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 7th sitting
1 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 6th sitting
1 November 2022	Committee stage	House of Commons	Debates	Committee Debate: 5th sitting
27 October 2022	Committee stage	House of Commons	Debates	Committee debate: 4th sitting
27 October 2022	Committee stage	House of Commons	Debates	Committee debate: 3rd sitting
26 October 2022	Committee stage	House of Commons	Debates	Committee Debates: compilation pdf of sittings so far
25 October 2022	Committee stage	House of Commons	Debates	Committee Debate: 2nd sitting
25 October 2022	Committee stage	House of Commons	Debates	Committee Debate: 1st sitting
24 October 2022	2nd reading	House of Commons	Other Documents	Supplementary Delegated Powers Memorandum
13 October 2022	2nd reading	House of Commons	Reports	Commons Hansard Daily Report
22 September 2022	1st reading	House of Commons	Other Documents	Memorandum from the Home Office and the Department for Business, Energy and Industrial Strategy to the Delegated Powers and Regu
22 September 2022	1st reading	House of Commons	Explanatory Notes	Bill 154 EN 2022-23
22 September 2022	1st reading	House of Commons	Bills	Bill 154 2022-23 (as introduced)

This format of the bill is taken from the text of stage 1st reading published on 22 September 2022 by House of Commons

	Explanatory notes
	European convention on human rights
	Introductory Text
	Part 1 Companies etc (ss. 1-107)
	The registrar of companies (s. 1)
	1 The registrar's objectives
	Company formation (ss. 2-7)
	2 Memorandum of association: names to be included
	2 Statement as to lawful purposes
	3 Information about subscribers
	4 Proposed officers: identity verification
	5 Proposed officers: disqualification
	6 Persons with initial significant control: disqualification
	7 Persons with initial significant control: identity verification
	Company names (ss. 8-22)
	8 Names for criminal purposes
	9 Names suggesting connection with foreign governments etc
	10 Names containing computer code
	11 Prohibition on re-registering name following direction
	12 Prohibition on using name that another company has been directed to change
	13 Directions to change name: period for compliance
	14 Requirements to change name: removal of old name from public inspection
	15 Objections to company's registered name
	16 Misleading indication of activities
	17 Direction to change name used for criminal purposes
	18 Direction to change name wrongly registered
	19 Registrar's power to change names containing computer code
	20 Registrar's power to change company's name for breach of direction
	21 Sections 19 and 20: consequential amendments
	22 Company names: exceptions based on national security etc
	Business names (ss. 23-27)
	23 Use of name suggesting connection with foreign governments etc
	24 Use of name giving misleading indication of activities
	25 Use of name that a company has been required to change
	26 Use of name that another company has been required to change
	27 Use of names: exceptions based on national security etc
	Registered offices (s. 28)
	28 Registered office: appropriate address
	29 Registered office: rectification of register
	Registered email addresses (ss. 29-30)
	29 Registered email addresses etc
	30 Registered email addresses: transitional provision
	Disqualification in relation to companies (ss. 31-39)
	31 Disqualification for persistent breaches of companies legislation: GB
	32 Disqualification for persistent breaches of companies legislation: NI
	33 Disqualification on summary conviction: GB
	34 Disqualification on summary conviction: NI
	35 Power to impose director disqualification sanctions
	36 Disqualification of persons designated under sanctions legislation: GB
	37 Section 36: application to other bodies
	38 Disqualification of persons designated under sanctions legislation: NI
	39 Section 38: application to other bodies
	Directors (ss. 40-45)
	40 Disqualified directors
	41 Section 40: amendments to clarify existing corresponding provisions
	41 Consequence of breaching prohibition on acting as director: GB
	42 Repeal of power to require additional statements
	42 Consequence of breaching prohibition on acting as director: Northern Ireland
	43 Prohibition on director acting unless ID verified
	44 Prohibition on acting unless directorship notified
	45 Registrar's power to change a director's service address
	Register of members (ss. 46-50)
	46 Register of members: information to be included and powers to obtain it
	47 Register of members: power to amend required information
	47 Additional ground for rectifying the register of members
	48 Register of members: protecting information
	49 Register of members: removal of option to use central register
	50 Membership information: one-off statement
	Registration of directors, secretaries and persons with significant control (ss. 51-52)
	51 Abolition of local registers etc
	52 Protection of date of birth information
	Accounts and reports (ss. 53-57)
	Accounts and reports (ss. 53-58)
	53 Filing obligations of micro-entities
	54 Filing obligations of small companies other than micro-entities
	55 Sections 53 and 54: consequential amendments
	56 Use or disclosure of profit and loss accounts for certain companies
	57 Statements about exemption from audit requirements
	58 Removal of option to abridge Companies Act accounts
	Confirmation statements (ss. 59-62)
	59 Confirmation statements
	60 Duty to confirm lawful purposes
	61 Duty to notify a change in company's principal business activities
	62 Confirmation statements: offences
	Identity verification (ss. 63-68)
	63 Identity verification of persons with significant control
	64 Procedure etc for verifying identity
	64 General exemptions from identity verification: supplementary
	65 Authorisation of corporate service providers
	66 Exemption from identity verification: national security grounds
	67 Allocation of unique identifiers
	68 Identity verification: material unavailable for public inspection
	Striking off and restoration to the register (s. 69-70)
	69 Registrar's power to strike off company registered on false basis
	70 Requirements for administrative restoration
	Who may deliver documents (ss. 71-73)
	71 Delivery of documents: identity verification etc
	72 Disqualification from delivering documents
	73 Proper delivery: requirements about who may deliver documents
	Facilitating electronic delivery (ss. 74-77)
	74 Delivery of documents by electronic means
	75 Delivery of order confirming reduction of share capital
	76 Delivery of statutory declaration of solvency
	77 Registrar's rules requiring documents to be delivered together
	Promoting the integrity of the register (ss. 78-86)
	78 Power to reject documents for inconsistencies
	79 Informal correction of document
	80 Preservation of original documents
	81 Records relating to dissolved companies etc
	82 Power to require additional information
	83 Registrar's notice to resolve inconsistencies
	84 Administrative removal of material from the register
	85 Rectification of the register under court order
	86 Power to require businesses to report discrepancies
	Inspection etc of the register (ss. 87-90)
	87 Inspection of the register: general
	88 Copies of material on the register
	89 Material not available for public inspection
	90 Protecting information on the register
	Registrar's functions and fees (ss. 91-92)
	91 Analysis of information for the purposes of crime prevention or detection
	92 Fees: costs that may be taken into account
	Information sharing and use (ss. 93-96)
	93 Disclosure of information
	94 Use or disclosure of directors' address information by companies
	95 Use or disclosure of PSC information by companies
	96 Use of directors' address information by registrar
	Overseas companies (ss. 97-100)
	97 Change of addresses of officers of overseas companies by registrar
	98 Overseas companies: availability of material for public inspection etc
	99 Registered addresses of an overseas company
	100 Overseas companies: identity verification of directors
	General offences and enforcement (ss. 101-103)
	101 General false statement offences
	102 False statement offences: national security etc defence
	103 Financial penalties
	102 Financial penalties and directors' disqualification: GB
	103 Financial penalties and directors' disqualification: NI
	Rectification of addresses and service of documents (ss. 104-107)
	104 Registered office: rectification of register
	105 Rectification of register: service addresses
	106 Rectification of register: principal office addresses
	107 Service of documents on people with significant control
	Part 2 Partnerships (ss. 108-154)
	Chapter 1 Limited Partnerships etc. (ss. 108-151)
	Meaning of "limited partnership" (s. 108)
	108 Meaning of "limited partnership"
	Required information about limited partnerships (ss. 109-111)
	109 Required information about partners
	110 Required information about partners: transitional provision
	111 Details about general nature of partnership business
	Registered offices (ss. 112-114)
	112 A limited partnership's registered office
	113 A limited partnership's registered office: transitional provision
	114 A limited partnership's registered office: consequential amendments
	Registered email addresses (ss. 115-116)
	115 A limited partnership's registered email address
	114 Registrar's power to change an individual's service address
	116 A limited partnership's registered email address: transitional provision
	The general partners (ss. 117-119)
	117 Restrictions on general partners
	118 Officers of general partners
	119 Officers of general partners: transitional provision
	Removal of option to authenticate application by signature (s. 120)
	120 Removal of option to authenticate application by signature
	Changes in partnerships (ss. 121-126)
	121 Notification of information about partners
	122 New partners: transitional provision about required information
	123 New general partners: transitional provision about officers
	124 Notification of other changes
	125 Confirmation statements
	126 Confirmation statements: Scottish partnerships
	Accounts (s. 127)
	127 Power for HMRC to obtain accounts
	Dissolution, winding up and sequestration (ss. 128-134)
	128 Dissolution and winding up: modifications of general law
	129 Dissolution by the court when a partner has a mental disorder
	130 Winding up limited partnerships on grounds of public interest
	131 Winding up dissolved limited partnerships
	132 Power to make provision about winding up
	133 Winding up of limited partnerships: concurrent proceedings
	134 Sequestration of limited partnerships: concurrent winding up proceedings
	The register of limited partnerships (ss. 135-137)
	135 The register of limited partnerships
	136 Material not available for public inspection
	137 Records relating to dissolved or deregistered limited partnerships
	Disclosure of information (s. 138)
	138 Disclosure of information about partners
	The registrar's role relating to dissolution, revival and deregistration (ss. 139-143)
	139 Duty to notify registrar of dissolution
	140 Registrar's power to confirm dissolution of limited partnership
	141 Registrar's power to confirm dissolution: transitional provision
	142 Voluntary deregistration of limited partnership
	143 Removal of limited partnership from index of names
	Delivery of documents (ss. 144-145)
	144 Delivery of documents relating to limited partnerships
	145 General false statement offences
	National security exemption from identity verification (s. 146)
	146 National security exemption from identity verification
	Service on a limited partnership (s. 147)
	147 Service on a limited partnership
	Application of other laws (ss. 148-149)
	148 Application of company law
	149 Application of Partnership Act 1890 (meaning of firm)
	Regulations (s. 150)
	150 Limited partnerships: regulations
	Further amendments (s. 151)
	151 Limited partnerships: further amendments
	Chapter 2 Miscellaneous Provision About Partnerships (ss. 152-154)
	152 Registration of qualifying Scottish partnerships
	153 Power to amend disqualification legislation in relation to relevant entities: GB
	154 Power to amend disqualification legislation in relation to relevant entities: NI
	Part 3 Register of overseas entities (ss. 155-177)
	The register and registration (ss. 155-164)
	155 Register of overseas entities
	156 Required information about overseas entities: address information
	157 Registration of information about land
	158 Registration of information about trusts
	159 Registration of information about managing officers: age limits
	160 Registrable beneficial owners: cases involving trusts
	161 Information about changes in beneficiaries under trusts
	162 Applications for removal
	163 Verification of registrable beneficial owners and managing officers
	164 Updating the register of overseas entities
	Inspection of the register and protection of information (ss. 165-167)
	165 Material unavailable for public inspection: verification information
	166 Material unavailable for public inspection
	167 Protection of information
	Correction or removal of material on the register (ss. 168-169)
	168 Resolving inconsistencies in the register
	169 Administrative removal of material from register
	Offences (ss. 170-172)
	170 False statement offences in connection with information notices
	171 General false statement offences
	172 Enforcement of requirement to register: updated language about penalties etc
	Miscellaneous (ss. 173-177)
	173 Overseas entities: further information for transitional cases
	174 Financial penalties: interaction with offences
	175 Meaning of "service address"
	176 Meaning of "registered overseas entity" in land registration legislation
	177 Power to apply Part 1 amendments to register of overseas entities
	Part 4 Cryptoassets (ss. 178-180)
	178 Cryptoassets: confiscation orders
	179 Cryptoassets: civil recovery
	180 Cryptoassets: terrorism
	Part 5 Miscellaneous (ss. 181-215)
	Money laundering and terrorist financing (ss. 181-186)
	181 Money laundering: exiting and paying away exemptions
	182 Money laundering: exemptions for mixed-property transactions
	183 Money laundering: offences of failing to disclose
	184 Money laundering: information orders
	185 Terrorist financing: information orders
	186 Enhanced due diligence: designation of high-risk countries
	Disclosures to prevent, detect or investigate economic crime etc (ss. 187-192)
	187 Direct disclosures of information: restrictions on civil liability
	188 Indirect disclosure of information: restrictions on civil liability
	189 Meaning of "privileged disclosure"
	190 Meaning of "relevant actions"
	191 Meaning of "business relationship"
	192 Other defined terms in sections 187 to 190
	Power to strike out certain claims (ss. 193-194)
	193 Strategic litigation against public participation: requirement to make rules of court
	194 Meaning of "SLAPP" claim
	Attributing criminal liability for economic crimes to certain bodies (ss. 195-197)
	195 Attributing criminal liability for economic crimes to certain bodies
	196 Power to amend list of economic crimes
	197 Offences under section 195 committed by partnerships
	Failure to prevent fraud (ss. 198-206)
	198 Failure to prevent fraud
	199 Fraud offences: supplementary
	200 Section 198: large organisations
	201 Large organisations: parent undertakings
	202 Offences under section 188 committed by partnerships
	203 Guidance about preventing fraud offences
	204 Failure to prevent fraud: minor definitions
	205 Failure to prevent fraud: miscellaneous
	206 Failure to prevent fraud and money laundering
	Regulatory and investigatory powers (ss. 207-211)
	207 Law Society: powers to fine in cases relating to economic crime
	208 Scottish Solicitors' Discipline Tribunal: powers to fine in cases relating to economic crime
	209 Regulators of legal services: objective relating to economic crime
	210 Approved regulators: information powers relating to economic crime
	211 Serious Fraud Office: pre-investigation powers
	Reports on payments to governments (s. 212)
	212 Reports on payments to governments regulations: false statement offences etc
	Reports on implementation (s. 213)
	213 Reports on the implementation and operation of Parts 1 to 3
	Sanctions enforcement: monetary penalties (s. 214)
	214 Sanctions enforcement: monetary penalties
	Civil recovery of proceeds of crime: costs of proceedings (s. 215)
	215 Civil recovery: costs of proceedings
	Part 6 General (ss. 216-221)
	216 Power to make consequential provision
	217 Regulations
	218 Extent
	219 Commencement
	220 Transitional provision
	221 Short title
	Schedule 1 Register of members: consequential amendments
	Schedule 2 Abolition of certain local registers
	Schedule 2, Part 1 Register of directors (paras. 1-3)
	Schedule 2, Part 2 Register of secretaries (paras. 4-6)
	Schedule 2, Part 3 Register of people with significant control (paras. 7-17)
	Schedule 2, Part 4 Consequential amendments (paras. 18-29)
	Schedule 3 Disclosure of information: consequential amendments
	Schedule 4 Required information
	Schedule 5 Limited partnerships: consequential amendments
	Schedule 6 Duty to deliver information about changes in beneficiaries
	Schedule 7 Overseas entities: Further information for transitional cases
	Schedule 8 Cryptoassets: confiscation orders
	Schedule 8, Part 1 England and Wales (paras. 1-18)
	Schedule 8, Part 2 Scotland (paras. 19-36)
	Schedule 8, Part 3 Northern Ireland (paras. 37-54)
	Schedule 8, Part 4 Regulations (para. 55)
	Schedule 9 Cryptoassets: civil recovery
	Schedule 9, Part 1 Amendments of Part 5 of the Proceeds of Crime Act 2002 (para. 1)
	Schedule 9, Part 2 Consequential and other amendments (paras. 2-17)
	Schedule 10 Cryptoassets: Terrorism
	Schedule 10, Part 1 Amendments to the Anti-terrorism, Crime and Security Act 2001 (paras. 1-5)
	Schedule 10, Part 2 Amendments to the Terrorism Act 2000 (paras. 6-8)
	Schedule 11 Economic crime offences
	Schedule 12 Criminal liability of bodies: economic crimes
	Schedule 13 Failure to prevent fraud: fraud offences

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Table of Contents

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Economic Crime and Corporate Transparency Bill (Royal Assent 26 October 2023)

Latest News - 25 October 2023

Table of Contents

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Document Overview

Economic Crime and Corporate Transparency Bill (Royal Assent 26 October 2023)

Latest News - 25 October 2023

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