Economic Crime and Corporate Transparency Act

PLEASE BE AWARE THAT THE ECONOMIC CRIME & CORPORATE TRANSPARENCY ACT 2023 IS IN THE PROCESS OF BEING IMPLEMENTED AND WILL CHANGE MANY OF THE TEMPLATES BELOW. WE ARE CURRENTLY REVIEWING AND UPDATING ALL RELEVANT TEMPLATES.

Economic crime is considered to pose a serious threat to the UK’s national security, economy and its institutions as well as causing serious harm to society and individuals. The UK government is committed to tackling this issue and the Economic Crime and Corporate Transparency Act (ECCTA) is a key part of this strategy. The ECCTA received Royal Assent on 26th October 2023.

The ECCTA is multifaceted and includes for example provisions related to crypto assets and new intelligence gathering powers for law enforcement. However, for private companies the most significant reform is to the role and powers of Companies House (CH). Amongst the key changes for private companies include:

an identity verification regime,
changes to the type of accounts filed for small companies and micro-entities,
changes to CH filings and the keeping of company registers and records, and
enhanced powers for CH to check, remove and reject information.

This subfolder contains some useful templates for SME private companies considering how the ECCTA will affect them and what information to disseminate to their directors, shareholders, PSCs and other affected stakeholders.

We will add to this group of templates as the ECCTA comes into force and regulations are passed bringing it into effect.

More information is available on our Information Pages here. The government has also created some useful factsheets which can be accessed here.

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