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In an effort to combat money laundering, Britain is updating its public business register

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News Tech: According to a government source, BRITAIN is pressing forward with plans for a comprehensive reform of its public registration of corporations in an effort to turn it into an active gatekeeper of corporate information and crack down harder on “dirty money.”

The action was taken about six months after Britain delayed the Economic Crime Bill in an effort to “hobble” Russian President Vladimir Putin. At the time, lawmakers from all political parties called for greater action to stop the flow of Russian money into London as the conflict in Ukraine grew more intense.

According to the source, who spoke on the condition of anonymity, the government is likely to introduce a new Economic Crime and Corporate Transparency Bill to parliament on Thursday to address issues like the misuse of UK-registered companies by international money laundering networks and fraudsters.

According to the source, the most recent proposed legislation will give the Companies House register “major additional authorities” to challenge and reject questionable information and make it simpler to report suspected conduct to police enforcement.

Companies today can be held by nominees, and many do not submit complete financial statements.

The opposition Labour Party has complained that this approach provides anonymous foreign property owners too much time to relocate their assets elsewhere. Britain has also separately developed a registry for abroad businesses.

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