Economic Crime and Corporate Transparency Act 2023
Act of the Parliament of the United Kingdom
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The Economic Crime and Corporate Transparency Act 2023[1] (c. 56) is an act of the Parliament of the United Kingdom. One of the act's main aims is to overhaul the companies registry in the United Kingdom to drive out foreign corrupt funds from the United Kingdom economy. The act is further aimed to counter fraud and money laundering.[2]
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The Lord Johnson of Lainston, Minister of State for Investment (Lords)
Parliamentary passage
The bill for the act was introduced to the House of Commons on 22 September 2022 and had its third reading in the House of Lords on 4 July 2023. The act was significantly amended when travelling through the Lords and there was a stand-off with both Houses during the wash-up period leading up to the 2023 prorogation of Parliament about the final form of the act. The act was finally agreed to on 25 October 2023 and received royal assent on 26 October 2023.[3]
Provisions
The act establishes a register of foreign owners of UK property, held by Companies House.[4]
Sections 194 and 195 allows the courts in England and Wales to strike out cases deemed to be strategic lawsuits against public participation (SLAPPs).[5] This was implemented in 2025 by amending Parts 3 and 44 of the Civil Procedure Rules.[6] This power was exercised for the first time in March 2026 in a defamation case brought against the British tax lawyer Dan Neidle.[7][8][9]
Implementation
Companies House's implementation costs are being met by increased charges for company filing services, effective from 1 May 2024:
- the charge for changing a company's name online was increased from £8 to £20
- the charge for filing a confirmation statement online was increased from £13 to £34
- the charge for a same-day reduction of share capital was increased from £50 to £136.[10]
Reception
The act was supported by the campaign group Spotlight on Corruption, who described UK corporate structures as being the "vehicle of choice for fraudsters and money launderers all over the globe" due to weaknesses at Companies House.[11]