The Economic Crime and Corporate Transparency Act 2023 is a comprehensive piece of legislation enacted in the United Kingdom to combat economic crime, enhance corporate transparency, and strengthen measures against money laundering and financial misconduct. The Act introduces various provisions aimed at increasing transparency in corporate structures, preventing illicit financial activities, and empowering regulators and law enforcement agencies to effectively investigate and prosecute economic crimes.
Businesses affected by the Act must familiarise themselves with its requirements, maintain accurate records, and promptly respond to requests from regulators and authorities. Compliance with beneficial ownership disclosure, sanctions regulations, and reporting obligations is essential to avoid penalties and legal consequences.
