Companies House powers strengthened
12th May 2022
The Government has announced measures to strengthen the powers of Companies House to tackle abuse of limited companies as part of the Economic Crime Bill.
Announced as part of the Queen's Speech on Wednesday (10 May), the bill takes aim at economic crime in the UK which is estimated to total £8.4 billion a year.
One of the measures in the bill is to provide Companies House with more investigation and enforcement powers, including stronger cross-checking of data with public and private sector bodies.
When in effect, Companies House will be able to verify the identity of people who manage, own and control companies and other UK registered companies. In doing so, the Government says any data collected will be more accurate and will support investigations and business decisions.
One of the main aims of the bill is to give company directors more protection of their personal information, reducing the risk of fraud or harm.
The bill was first announced on 15 March and has since received royal assent.
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