Economic Crime and Corporate Transparency Act 2023

2023 c. 56 · Enacted 26 October 2023 · Extends to United Kingdom

Contents

1. Part 1: Companies etc
2. The registrar of companies
3. 1The registrar’s objectives
4. Company formation
5. 2Statement as to lawful purposes
6. 3Information about subscribers
7. 4Proposed officers: identity verification
8. 5Proposed officers: disqualification
9. 6Persons with initial significant control: disqualification
10. 7Persons with initial significant control: identity verification
11. Company names
12. 8Names for criminal purposes
13. 9Names suggesting connection with foreign governments etc
14. 10Names containing computer code
15. 11Prohibition on re-registering name following direction
16. 12Prohibition on using name that another company has been directed to change
17. 13Directions to change name: period for compliance
18. 14Requirements to change name: removal of old name from public inspection
19. 15Objections to company’s registered name
20. 16Misleading indication of activities
21. 17Direction to change name used for criminal purposes
22. 18Direction to change name wrongly registered
23. 19Registrar’s power to change names containing computer code
24. 20Registrar’s power to change company’s name for breach of direction
25. 21Sections 19 and 20: consequential amendments
26. 22Company names: exceptions based on national security etc
27. Business names
28. 23Use of name suggesting connection with foreign governments etc
29. 24Use of name giving misleading indication of activities
30. 25Use of name that a company has been required to change
31. 26Use of name that another company has been required to change
32. 27Use of names: exceptions based on national security etc
33. Registered offices
34. 28Registered office: appropriate address
35. Registered email addresses
36. 29Registered email addresses etc
37. 30Registered email addresses: transitional provision
38. Disqualification in relation to companies
39. 31Disqualification for persistent breaches of companies legislation: GB
40. 32Disqualification for persistent breaches of companies legislation: NI
41. 33Disqualification on summary conviction: GB
42. 34Disqualification on summary conviction: NI
43. 35Power to impose director disqualification sanctions
44. 36Disqualification of persons designated under sanctions legislation: GB
45. 37Section 36: application to other bodies
46. 38Disqualification of persons designated under sanctions legislation: NI
47. 39Section 38: application to other bodies
48. Directors
49. 40Disqualified directors
50. 41Section 40: amendments to clarify existing corresponding provisions
51. 42Repeal of power to require additional statements
52. 43Prohibition on director acting unless ID verified
53. 44Prohibition on acting unless directorship notified
54. 45Registrar’s power to change a director’s service address
55. Register of members
56. 46Register of members: information to be included and powers to obtain it
57. 47Additional ground for rectifying the register of members
58. 48Register of members: protecting information
59. 49Register of members: removal of option to use central register
60. 50Membership information: one-off statement
61. Registration of directors, secretaries and persons with significant control
62. 51Abolition of local registers etc
63. 52Protection of date of birth information
64. Accounts and reports
65. 53Filing obligations of micro-entities
66. 54Filing obligations of small companies other than micro-entities
67. 55Sections 53 and 54: consequential amendments
68. 56Use or disclosure of profit and loss accounts for certain companies
69. 57Statements about exemption from audit requirements
70. 58Removal of option to abridge Companies Act accounts
71. Confirmation statements
72. 59Confirmation statements
73. 60Duty to confirm lawful purposes
74. 61Duty to notify a change in company’s principal business activities
75. 62Duty to deliver information about exemption from Part 21A
76. 63Confirmation statements: offences
77. Identity verification
78. 64Identity verification of persons with significant control
79. 65Procedure etc for verifying identity
80. 66Authorisation of corporate service providers
81. 67Exemption from identity verification: national security grounds
82. 68Allocation of unique identifiers
83. 69Identity verification: material unavailable for public inspection
84. Striking off and restoration to the register
85. 70Registrar’s power to strike off company registered on false basis
86. 71Requirements for administrative restoration
87. Who may deliver documents
88. 72Delivery of documents: identity verification etc
89. 73Disqualification from delivering documents
90. 74Proper delivery: requirements about who may deliver documents
91. Facilitating electronic delivery
92. 75Delivery of documents by electronic means
93. 76Delivery of order confirming reduction of share capital
94. 77Delivery of statutory declaration of solvency
95. 78Registrar’s rules requiring documents to be delivered together
96. Promoting the integrity of the register
97. 79Power to reject documents for inconsistencies
98. 80Informal correction of document
99. 81Preservation of original documents
100. 82Records relating to dissolved companies etc
101. 83Power to require additional information
102. 84Registrar’s notice to resolve inconsistencies
103. 85Administrative removal of material from the register
104. 86Rectification of the register under court order
105. 87Power to require businesses to report discrepancies
106. Inspection etc of the register
107. 88Inspection of the register: general
108. 89Copies of material on the register
109. 90Material not available for public inspection
110. 91Protecting information on the register
111. Registrar's functions and fees
112. 92Analysis of information for the purposes of crime prevention or detection
113. 93Fees: costs that may be taken into account
114. Information sharing and use
115. 94Disclosure of information
116. 95Use or disclosure of directors’ address information by companies
117. 96Use or disclosure of PSC information by companies
118. 97Use of directors’ address information by registrar
119. Overseas companies
120. 98Change of addresses of officers of overseas companies by registrar
121. 99Overseas companies: availability of material for public inspection etc
122. 100Registered addresses of an overseas company
123. 101Overseas companies: identity verification of directors
124. General offences and enforcement
125. 102General false statement offences
126. 103False statement offences: national security etc defence
127. 104Financial penalties
128. Rectification of addresses and service of documents
129. 105Registered office: rectification of register
130. 106Rectification of register: service addresses
131. 107Rectification of register: principal office addresses
132. 108Service of documents on people with significant control
133. Part 2: Partnerships
134. Chapter 1: Limited partnerships etc.
135. Meaning of “limited partnership”
136. 109Meaning of “limited partnership”
137. Required information about limited partnerships
138. 110Required information about partners
139. 111Required information about partners: transitional provision
140. 112Details about general nature of partnership business
141. Registered offices
142. 113A limited partnership’s registered office
143. 114A limited partnership’s registered office: transitional provision
144. 115A limited partnership’s registered office: consequential amendments
145. Registered email addresses
146. 116A limited partnership’s registered email address
147. 117A limited partnership’s registered email address: transitional provision
148. The general partners
149. 118Restrictions on general partners
150. 119Officers of general partners
151. 120Officers of general partners: transitional provision
152. Removal of option to authenticate application by signature
153. 121Removal of option to authenticate application by signature
154. Changes in partnerships
155. 122Notification of information about partners
156. 123New partners: transitional provision about required information
157. 124New general partners: transitional provision about officers
158. 125Notification of other changes
159. 126Confirmation statements
160. 127Confirmation statements: Scottish partnerships
161. Accounts
162. 128Power for HMRC to obtain accounts
163. Dissolution, winding up and sequestration
164. 129Dissolution and winding up: modifications of general law
165. 130Dissolution by the court when a partner has a mental disorder
166. 131Winding up limited partnerships on grounds of public interest
167. 132Winding up dissolved limited partnerships
168. 133Power to make provision about winding up
169. 134Winding up of limited partnerships: concurrent proceedings
170. 135Sequestration of limited partnerships: concurrent winding up proceedings
171. The register of limited partnerships
172. 136The register of limited partnerships
173. 137Material not available for public inspection
174. 138Records relating to dissolved or deregistered limited partnerships
175. Disclosure of information
176. 139Disclosure of information about partners
177. The registrar's role relating to dissolution, revival and deregistration
178. 140Duty to notify registrar of dissolution
179. 141Registrar’s power to confirm dissolution of limited partnership
180. 142Registrar’s power to confirm dissolution: transitional provision
181. 143Voluntary deregistration of limited partnership
182. 144Removal of limited partnership from index of names
183. Delivery of documents
184. 145Delivery of documents relating to limited partnerships
185. 146General false statement offences
186. National security exemption from identity verification
187. 147National security exemption from identity verification
188. Service on a limited partnership
189. 148Service on a limited partnership
190. Application of other laws
191. 149Application of company law
192. 150Application of Partnership Act 1890 (meaning of firm)
193. Regulations
194. 151Limited partnerships: regulations
195. Further amendments
196. 152Limited partnerships: further amendments
197. Chapter 2: Miscellaneous provision about partnerships
198. 153Registration of qualifying Scottish partnerships
199. 154Power to amend disqualification legislation in relation to relevant entities: GB
200. 155Power to amend disqualification legislation in relation to relevant entities: NI
201. Part 3: Register of overseas entities
202. The register and registration
203. 156Register of overseas entities
204. 157Required information about overseas entities: address information
205. 158Registration of information about land
206. 159Registration of information about trusts
207. 160Registration of information about managing officers: age limits
208. 161Registrable beneficial owners: cases involving trusts
209. 162Registrable beneficial owners: nominees
210. 163Information about changes in beneficiaries under trusts
211. 164Applications for removal
212. 165Verification of registrable beneficial owners and managing officers
213. Inspection of the register and protection of information
214. 166Material unavailable for public inspection: verification information
215. 167Material unavailable for public inspection
216. 168Protection of information
217. Correction or removal of material on the register
218. 169Resolving inconsistencies in the register
219. 170Administrative removal of material from register
220. Offences
221. 171False statement offences in connection with information notices
222. 172General false statement offences
223. 173Enforcement of requirement to register: updated language about penalties etc
224. Miscellaneous
225. 174Overseas entities: further information for transitional cases
226. 175Financial penalties: interaction with offences
227. 176Meaning of “service address”
228. 177Meaning of “registered overseas entity” in land registration legislation
229. 178Power to apply Part 1 amendments to register of overseas entities
230. Part 4: Cryptoassets
231. 179Cryptoassets: confiscation orders
232. 180Cryptoassets: civil recovery
233. 181Cryptoassets: terrorism
234. Part 5: Miscellaneous
235. Money laundering and terrorist financing
236. 182Money laundering: exiting and paying away exemptions
237. 183Money laundering: exemptions for mixed-property transactions
238. 184Money laundering: offences of failing to disclose
239. 185Money laundering: information orders
240. 186Terrorist financing: information orders
241. 187Enhanced due diligence: designation of high-risk countries
242. Disclosures to prevent, detect or investigate economic crime etc
243. 188Direct disclosures of information: restrictions on civil liability
244. 189Indirect disclosure of information: restrictions on civil liability
245. 190Meaning of “privileged disclosure”
246. 191Meaning of “relevant actions”
247. 192Meaning of “business relationship”
248. 193Other defined terms in sections 188 to 191
249. Power to strike out certain claims
250. 194Strategic litigation against public participation: requirement to make rules of court
251. 195Meaning of “SLAPP” claim
252. ...
253. 196Attributing criminal liability for economic crimes to certain bodies Repealed
254. 197Power to amend list of economic crimes Repealed
255. 198Offences under section 196 committed by partnerships Repealed
256. Failure to prevent fraud
257. 199Failure to prevent fraud
258. 200Fraud offences: supplementary
259. 201Section 199: large organisations
260. 202Large organisations: parent undertakings
261. 203Offences under section 199 committed by partnerships
262. 204Guidance about preventing fraud offences
263. 205Failure to prevent fraud: minor definitions
264. 206Failure to prevent fraud: miscellaneous
265. Regulatory and investigatory powers
266. 207Law Society: powers to fine in cases relating to economic crime
267. 208Scottish Solicitors’ Discipline Tribunal: powers to fine in cases relating to economic crime
268. 209Regulators of legal services: objective relating to economic crime
269. 210Approved regulators: information powers relating to economic crime
270. 211Serious Fraud Office: pre-investigation powers
271. Reports on payments to governments
272. 212Reports on payments to governments regulations: false statement offences etc
273. Reports on implementation
274. 213Reports on the implementation and operation of Parts 1 to 3
275. Sanctions enforcement: monetary penalties
276. 214Sanctions enforcement: monetary penalties
277. Report on costs orders for proceedings for civil recovery
278. 215Report on costs orders for proceedings for civil recovery
279. Part 6: General
280. 216Power to make consequential provision
281. 217Regulations
282. 218Extent
283. 219Commencement
284. 220Transitional provision
285. 221Short title
286. Schedule 1: Register of members: consequential amendments
287. 1Paragraph 1
288. 2Paragraph 2
289. 3Paragraph 3
290. 4Paragraph 4
291. 5Paragraph 5
292. 6Paragraph 6
293. 7Paragraph 7
294. 8Paragraph 8
295. 9Paragraph 9
296. 10Paragraph 10
297. 11Paragraph 11
298. 12Paragraph 12
299. 13Paragraph 13
300. 14Paragraph 14
301. 15Paragraph 15
302. 16Paragraph 16
303. 17Paragraph 17
304. 18Paragraph 18
305. 19Paragraph 19
306. 20Paragraph 20
307. 21Paragraph 21
308. 22Paragraph 22
309. 23Paragraph 23
310. 24Paragraph 24
311. 25Paragraph 25
312. Schedule 2: Abolition of certain local registers
313. Part 1: Register of directors
314. 1Paragraph 1
315. 2Paragraph 2
316. 3Paragraph 3
317. Part 2: Register of secretaries
318. 4Paragraph 4
319. 5Paragraph 5
320. 6Paragraph 6
321. Part 3: Register of people with significant control
322. 7Paragraph 7
323. 8Paragraph 8
324. 9Paragraph 9
325. 10Paragraph 10
326. 11Paragraph 11
327. 11Paragraph 11
328. 12Paragraph 12
329. 13Paragraph 13
330. 14Paragraph 14
331. 15Paragraph 15
332. 16Paragraph 16
333. 17Paragraph 17
334. 18Paragraph 18
335. 19Paragraph 19
336. 20Paragraph 20
337. Part 4: Consequential amendments
338. 21Paragraph 21
339. 22Paragraph 22
340. 23Paragraph 23
341. 24Paragraph 24
342. 25Paragraph 25
343. 26Paragraph 26
344. 27Paragraph 27
345. 28Paragraph 28
346. 29Paragraph 29
347. 30Paragraph 30
348. 31Paragraph 31
349. 32Paragraph 32
350. Schedule 3: Disclosure of information: consequential amendments
351. 1Companies Act 2006
352. 2Companies Act 2006
353. 3Companies Act 2006
354. 4Economic Crime (Transparency and Enforcement) Act 2022
355. 5Economic Crime (Transparency and Enforcement) Act 2022
356. 6Economic Crime (Transparency and Enforcement) Act 2022
357. Schedule 4Required information
358. Schedule 5: Limited partnerships: consequential amendments
359. 1Paragraph 1
360. 2Paragraph 2
361. 3Paragraph 3
362. 4Paragraph 4
363. 5Paragraph 5
364. 6Paragraph 6
365. Schedule 6: Duty to deliver information about changes in beneficiaries
366. 1Paragraph 1
367. 2Paragraph 2
368. 3Paragraph 3
369. 4Paragraph 4
370. 5Paragraph 5
371. 6Paragraph 6
372. 7Paragraph 7
373. 8Paragraph 8
374. Schedule 7: Overseas entities: further information for transitional cases
375. 1Paragraph 1
376. 2Paragraph 2
377. 3Paragraph 3
378. 4Paragraph 4
379. Schedule 8: Cryptoassets: confiscation orders
380. Part 1: England and Wales
381. 1Introductory
382. 2Seizure of property
383. 3Seizure of property
384. 4Seizure of property
385. 5Detention and release of property
386. 6Detention and release of property
387. 7Detention and release of property
388. 8Detention and release of property
389. 9Property held by persons subject to confiscation orders: destruction, realisation etc
390. 10Property held by persons subject to confiscation orders: destruction, realisation etc
391. 11Property held by persons subject to confiscation orders: destruction, realisation etc
392. 12Property held by persons subject to confiscation orders: destruction, realisation etc
393. 13Property held by persons subject to confiscation orders: destruction, realisation etc
394. 14Property held by persons subject to confiscation orders: destruction, realisation etc
395. 15Property held by persons subject to confiscation orders: destruction, realisation etc
396. 16Property held by persons subject to confiscation orders: destruction, realisation etc
397. 17Property held by persons subject to confiscation orders: destruction, realisation etc
398. 18Interpretation and miscellaneous provision
399. Part 2: Scotland
400. 19Introductory
401. 20Seizure of property
402. 21Seizure of property
403. 22Seizure of property
404. 23Detention and release of property
405. 24Detention and release of property
406. 25Detention and release of property
407. 26Detention and release of property
408. 27Property held by persons subject to confiscation orders: destruction, realisation etc
409. 28Property held by persons subject to confiscation orders: destruction, realisation etc
410. 29Property held by persons subject to confiscation orders: destruction, realisation etc
411. 30Property held by persons subject to confiscation orders: destruction, realisation etc
412. 31Property held by persons subject to confiscation orders: destruction, realisation etc
413. 32Property held by persons subject to confiscation orders: destruction, realisation etc
414. 33Property held by persons subject to confiscation orders: destruction, realisation etc
415. 34Property held by persons subject to confiscation orders: destruction, realisation etc
416. 35Property held by persons subject to confiscation orders: destruction, realisation etc
417. 36Interpretation and miscellaneous provision
418. Part 3: Northern Ireland
419. 37Introductory
420. 38Seizure of property
421. 39Seizure of property
422. 40Seizure of property
423. 41Detention and release of property
424. 42Detention and release of property
425. 43Detention and release of property
426. 44Detention and release of property
427. 45Property held by persons subject to confiscation orders: destruction, realisation etc
428. 46Property held by persons subject to confiscation orders: destruction, realisation etc
429. 47Property held by persons subject to confiscation orders: destruction, realisation etc
430. 48Property held by persons subject to confiscation orders: destruction, realisation etc
431. 49Property held by persons subject to confiscation orders: destruction, realisation etc
432. 50Property held by persons subject to confiscation orders: destruction, realisation etc
433. 51Property held by persons subject to confiscation orders: destruction, realisation etc
434. 52Property held by persons subject to confiscation orders: destruction, realisation etc
435. 53Property held by persons subject to confiscation orders: destruction, realisation etc
436. 54Interpretation and miscellaneous provision
437. Part 4: Regulations
438. 55Paragraph 55
439. Schedule 9: Cryptoassets: civil recovery
440. Part 1: Amendments of Part 5 of the Proceeds of Crime Act 2002
441. 1Paragraph 1
442. Part 2: Consequential and other amendments
443. 2Amendments to the Proceeds of Crime Act 2002
444. 3Amendments to the Proceeds of Crime Act 2002
445. 4Amendments to the Proceeds of Crime Act 2002
446. 5Amendments to the Proceeds of Crime Act 2002
447. 6Amendments to the Proceeds of Crime Act 2002
448. 7Amendments to the Proceeds of Crime Act 2002
449. 8Amendments to the Proceeds of Crime Act 2002
450. 9Amendments to the Proceeds of Crime Act 2002
451. 10Amendments to the Proceeds of Crime Act 2002
452. 11Amendments to the Proceeds of Crime Act 2002
453. 12Amendments to the Proceeds of Crime Act 2002
454. 13Amendments to the Proceeds of Crime Act 2002
455. 14Amendments to the Proceeds of Crime Act 2002
456. 15Amendments to the Proceeds of Crime Act 2002
457. 16Amendments to the Civil Jurisdiction and Judgments Act 1982
458. 17Amendments to the UK Borders Act 2007
459. Schedule 10: Cryptoassets: terrorism
460. Part 1: Amendments to the Anti-terrorism, Crime and Security Act 2001
461. 1Paragraph 1
462. 2Paragraph 2
463. 3Paragraph 3
464. 4Paragraph 4
465. 5Paragraph 5
466. Part 2: Amendments to the Terrorism Act 2000
467. 6Paragraph 6
468. 7Paragraph 7
469. 8Paragraph 8
470. Schedule 11: Economic crime offences
471. 1Common law offences
472. 2Common law offences
473. 3Common law offences
474. 4Statutory offences
475. 5Statutory offences
476. 6Statutory offences
477. 7Statutory offences
478. 8Statutory offences
479. 9Statutory offences
480. 10Statutory offences
481. 11Statutory offences
482. 12Statutory offences
483. 13Statutory offences
484. 14Statutory offences
485. 15Statutory offences
486. 16Statutory offences
487. 17Statutory offences
488. 18Statutory offences
489. 19Statutory offences
490. 20Statutory offences
491. 21Statutory offences
492. 22Statutory offences
493. Schedule 12: Criminal liability of bodies: economic crimes Repealed
494. 1Common law offences Repealed
495. 2Common law offences Repealed
496. 3Common law offences Repealed
497. 4Statutory offences Repealed
498. 5Statutory offences Repealed
499. 6Statutory offences Repealed
500. 7Statutory offences Repealed
501. 8Statutory offences Repealed
502. 9Statutory offences Repealed
503. 10Statutory offences Repealed
504. 11Statutory offences Repealed
505. 12Statutory offences Repealed
506. 13Statutory offences Repealed
507. 14Statutory offences Repealed
508. 15Statutory offences Repealed
509. 16Statutory offences Repealed
510. 17Statutory offences Repealed
511. 18Statutory offences Repealed
512. 19Statutory offences Repealed
513. 20Statutory offences Repealed
514. Schedule 13: Failure to prevent fraud: fraud offences
515. 1Common law offences
516. 2Paragraph 2
517. 3Statutory offences
518. 4Paragraph 4
519. 5Paragraph 5
520. 6Paragraph 6