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Fighting crime
Tom Wallace TEP outlines new legislation in the UK aimed at fighting economic crime
The UK was the first G20 country to make a beneficial ownership register for corporates publicly available. However, the UK has in the past been heavily criticised for the accuracy and reliability of the data it holds, with Companies House giving little scrutiny to the information registered with it and lacking the powers to investigate same. The Economic Crime and Corporate Transparency Act 2023 (the Act) is the latest in several legislative attempts to remedy this and strengthen the UK’s fight against economic crime.
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