Reported by: Kirstin Ridley and Sinead Cruise

The government is likely to introduce a new Economic Crime and Corporate Transparency Bill to parliament on Thursday to tackle problems such as the abuse of UK registered companies by international money laundering networks and fraudsters, the source said, speaking on condition of anonymity.

Under the latest planned legislation, the Companies House register will receive “significant new powers” to challenge and decline dubious information and make it easier to report suspicious activity to law enforcement, the source said.

Anti-corruption groups have long called for reforms to the registry to improve transparency and tackle corruption through shell firms. At the moment, companies can be owned by nominees and many do not file full financial statements.

Read full report: https://www.reuters.com/markets/europe/britain-overhaul-public-company-registry-dirty-money-crackdown-source-2022-09-21/