The National Crime Agency estimates that money laundering costs the UK more than £100 billion annually. The Economic Crime and Corporate Transparency Bill is the second part of a legislative package introduced by the UK government to tackle economic crime. Its stated key objectives are to (i) prevent organised criminals from using UK companies to abuse the UK’s open economy, (ii) strengthen the UK’s broader response to economic crime, in particular by giving law enforcement new powers to seize cryptoassets and enable businesses in the financial sector to share information to prevent and detect economic crime, and (iii) improve the reliability of the data on Companies House so that this data can inform business transactions and lending decisions. The government intends to invest a further £63 million up to 2024–2025 in Companies House to support its transformation from a register to a regulator.

https://www.sidley.com/en/insights/newsupdates/2022/10/understanding-the-uk-economic-crime-and-corporate-transparency-bill