Economic Crime and Corporate Transparency Act 2023

Key Points

• Corporate transparency and registers: requires full subscriber names, more information about subscribers, and changes to overseas entities; strengthens accuracy and coverage of registers.
• Director accountability and sanctions: adds power to disqualify directors and extends sanctions to individuals designated under sanctions regimes in Great Britain and Northern Ireland.
• Closing loopholes in enforcement: removes exemptions for small organisations from the failure-to-prevent regime and broadens civil recovery and asset-recovery tools (including cost caps).
• Overseas entities and trusts: strengthens reporting obligations for overseas entities, including beneficiaries and changes to trusts; limits public access to certain information.
• Anti-SLAPP and regulatory framework: introduces rules to curb strategic lawsuits against public participation and requires clear rules of court and related consultation for regulations.

Progress

The bill completed its journey through Parliament and received Royal Assent in 2023, becoming law. It originated in the Commons and was amended in both Houses before becoming statute.

Voting

Across the votes, the government and its allied parties backed the bill and the government’s amendments, while major opposition parties (notably Labour, Liberal Democrats, SNP and Plaid Cymru) opposed most amendments and Lords’ changes. The overall pattern shows strong government backing and broad opposition to key changes from the Lords and opposition benches.