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UK reforms Companies House

						On September 18, the UK government announced plans to reform Companies House in an effort to curb fraud and increase the company's credibility in transactions.

The changes will be aimed primarily at improving the reliability of the information provided and the transparency of the activities of registered companies. Thus, the innovations will give companies more confidence in their counterparties, as well as ensure the accuracy of the data contained in the register.

According to the planned changes, Companies House will be given the additional powers necessary to conduct investigations, investigate and remove false information. It is also expected to introduce mandatory identity verification to prevent money laundering and fraud. It is planned that such verification will take place digitally, efficiently and quickly enough, in just a few minutes. According to the plans, directors will not be appointed until their identity is verified by Companies House.

The updates will enhance the ability of law enforcement agencies, including the National Crime Agency, to track activities for fraud or money laundering.

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