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The Independent Automotive Aftermarket Federation

New crack down on fraud and money-laundering

Date: Friday 30 September 2022

The Economic Crime and Corporate Transparency Bill has been introduced to give Companies House greater powers to tackle the use of businesses as a front for crime.

Anyone who registers a company in the UK will need to verify their identity, and Companies House will be given new powers to check, challenge and decline incorrect or fraudulent information. It will also be able to cross check data with public and private partners, and report suspicious activity to security agencies and law enforcement.

Under the provisions of the Bill, law enforcement agencies will also be granted stronger powers to more easily and quickly seize, freeze and ultimately recover crypto-assets which are increasingly used for illicit activity and ransomware attacks.

The government has published a series of factsheets that explain the various provisions in the Bill.