BTC Weds: how to stop UK being abused as global cash laundromat
MPs on the Business and Trade Sub-Committee on Economic Security, Arms and Export Controls will hear evidence on efforts to clamp down on the criminal abuse of the UK’s register of companies.
Meeting details
Senior figures from the register’s caretaker, Companies House, tax and corruption experts will be questioned by the Committee.
The UK is one of the easiest places to set up a company. Although this is helpful for entrepreneurs to start a new business, it also opens a door for fake companies to more easily commit fraud or launder dirty money.
In 2023, company filing rules were strengthened, with new powers coming into effect over the coming years to allow Companies House to take more action against errant firms.
MPs on the new Sub-Committee will be seeking answers on:
- The estimated scale and nature of fraud and tax and sanctions evasion through abuse of Companies House registrations;
- How Companies House will use its new powers;
- What needs to be done to crack down on these issues
Rt Hon Liam Byrne MP, Chair of the BTC Sub-Committee on Economic Security, Arms and Export Controls, said “London is one of the world’s great financial centres - and one of the world’s worst laundromats for laundering stolen money.
"The new government has promised to finally shut it down, so our new Subcommittee will begin the work of checking just what progress is actually being made, starting with monitoring the reform of Companies House. The new Economic Crime Act transformed its role into a powerful new watchdog. We now start the work of checking its teeth.”