# UK Economic Crime and Corporate Transparency Act receives Royal Assent

Date: 2023

The UK Economic Crime and Corporate Transparency Act 2023 received Royal Assent on 26 October 2023, overhauling [Companies House](/organizations/gov-companies-house) and corporate-transparency rules to combat money laundering and fraud. It expanded the Register of Overseas Entities to close a loophole that had allowed ultimate beneficial owners behind nominees and trusts to stay hidden, gave Companies House new powers to query and remove false information, and laid the basis for mandatory identity verification of company directors. Business minister Kevin Hollinrake described the Act as aimed at preventing fraud and improving the UK's reputation for legitimate business.

## Drivers

- Anti-corruption enforcement capacity: https://factrail.ai/drivers/gov-anti-corruption-enforcement
- State capture pressure: https://factrail.ai/drivers/gov-state-capture-pressure

## Sources

_Sources are listed on the canonical page._

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/gov-fact-uk-eccta-royal-assent-2023