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ARTICLE · 30 APRIL 2024

The Economic Crime And Corporate Transparency Act: Latest Developments

Arthur Cox
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On 26 October 2023, the long anticipated Economic Crime and Corporate Transparency Act (the "Act") was granted Royal Assent.

United KingdomCriminal Law
Lynsey Mallon
Lynsey Mallon
Richard Armstrong
Richard Armstrong
Jordan Taggart
Jordan Taggart
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On 26 October 2023, the long anticipated Economic Crime and Corporate Transparency Act (the “Act”) was granted Royal Assent. The Act is the latest installation in the government's fight against economic crime. Previously, the government enacted the Economic Crime (Transparency and Enforcement) Act 2022 to combat foreign criminals using UK property to launder money and to strengthen the UK's unexplained wealth order regime. This time around, the Act provides for reforms to the role of Companies House and grants additional powers to seize and recover suspected criminal cryptoassets all with a view to inspiring confidence in businesses to share information in order to tackle money laundering.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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