Preparing for the Economic Crime and Corporate Transparency Act

The Economic Crime and Corporate Transparency Act 2023 – Royal Assent Granted

The Economic Crime and Corporate Transparency Act 2023 (the “Act”) has received Royal Assent. Much of the detail relating to the Bill will follow in secondary legislation, which will emerge in the coming weeks and months.

What is the aim of the Economic Crime and Corporate Transparency Act 2023?

The Act aims to tackle economic crime and improve the transparency of corporate entities in the UK. Filing requirements for UK limited partnerships, limited liability partnerships and limited companies will be reformed. Reforms will include the introduction of identity verification requirements for certain partners, members, directors and People with Significant Control.

Authorised Corporate Service Providers

The Act introduces the new Authorised Corporate Service Provider (“ACSP”) role. UK Companies House filings are often made by intermediary corporate service providers (including legal advisers). When the applicable provisions of the Act come into force, only corporate service providers authorised by the UK Registrar of Companies will be able to deliver documents to Companies House and complete the newly introduced identity verification requirements.

It is our intention to become an ACSP. We will be ready to assist clients in satisfying the new requirements under the Act as and when those new requirements come into force.

Next steps

Our dedicated page will be updated with more detail shortly, and when the timeline for its implementation becomes clear.