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Corporate Transparency and Register Reform Consultation

Submission from Transparency International UK to the Department for Business, Energy & Industrial Strategy’s (BEIS) consultation on corporate transparency and register reform Transparency International UK (TI-UK) welcomes this consultation as an opportunity for the Government to address weaknesses that allow criminals to access UK companies and abuse them with impunity.
 

There is now a wealth of evidence showing how UK companies have been used to facilitate corruption and launder illicit wealth. Their ease of incorporation and the lack of checks on information submitted to Companies House continue to render these legal entities vulnerable to abuse despite improvements to the UK’s corporate transparency regime. The 2018 Financial Action Taskforce (FATF) mutual evaluation review of the UK identified the lack of verification of company information as a key weakness in Britain’s response to money laundering. This loophole should be closed as part of wide-ranging reforms to UK corporate transparency and Companies House.

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ADDITIONAL INFO

  • Report published: Aug 2019

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