UK LAUNCHES CONSULTATIONS TO CRACK DOWN ON COMPANY FRAUD AND IMPROVE CORPORATE TRANSPARENCY

On 9 December, the UK Government unveiled plans to combat fraud, saying they were intended to give businesses confidence in who they are working with.  There are 3 consultations, including on new powers for Companies House to query information and take steps to improve the quality and value of financial information it holds; and saying that it intends to take forward plans to restrict the use of corporate directors on company boards, to stop criminals from hiding behind complex corporate structures.  It is said that the new initiatives follow changes announced in September of wider plans to reform the Companies House register. Under the new proposals, directors cannot be appointed until their identity has been verified and the register’s powers will be expanded so that it can query, investigate and remove false or inaccurate information.  The consultations are on –

Improving the quality and value of financial information on the UK companies register

https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform-improving-the-quality-and-value-of-financial-information-on-the-uk-companies-register

Powers of the Companies Registrar

https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform-powers-of-the-registrar

Implementing the ban on corporate directors

https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform-implementing-the-ban-on-corporate-directors

All 3 consultations close on 3 February.

https://www.gov.uk/government/news/government-launches-consultations-to-crack-down-on-company-fraud-and-improve-corporate-transparency

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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