On May 10 2022, the Queen’s Speech presented to parliament the proposal of a new Economic Crime and Corporate Transparency Bill.
Discussion over this draft Bill firstly emerged when in February 2022 the register of overseas entities was introduced to the UK parliament. The Bill is expected to confer broader powers upon the Registrar of Companies to ascertain the accuracy of information on the Companies Register.
In particular, the Registrar will have the power to:
All entities registered must be associated with at least one fully verified natural person, and the information gathered by the register will be cross-checked against that held by other public and private sector bodies.
Further provisions will also involve: