The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 March 2024.
Changes introduced today include:
- greater powers to query information and request supporting evidence
- stronger checks on company names
- new rules for registered office addresses (all companies must have an appropriate address at all times – they will not be able to use a PO Box as their registered office address)
- a requirement for all companies to supply a registered email address
- a requirement for subscribers to confirm they’re forming a company for a lawful purpose when they incorporate, and for a company to confirm its intended future activities will be lawful on its confirmation statement
- greater powers to tackle and remove factually inaccurate information
- the ability to share data with other government departments and law enforcement agencies
New criminal offences and civil penalties will complement the measures introduced today.