Economic Crime and Corporate Transparency Act becomes law

The Economic Crime and Corporate Transparency Act has received Royal Assent and therefore become law.

The act includes laws to fight fraud, counter corruption and bolster legitimate business.

The act will allow UK authorities to proactively target organised criminals and others seeking to abuse the UK’s open economy.

Law enforcement agencies will get further powers to seize, freeze and recover cryptoassets.

Home Secretary Suella Braverman said: "I am committed to ensuring criminals do not profit from their offending and this landmark act will help law enforcement clampdown on the tactics they use.

"It will have a big impact on our ability to fight organised crime, including terrorist funding, fraud and money laundering, and that will ultimately help keep us all safe."

Lord (Tariq) Ahmad of Wimbledon, minister of State for Middle East, North Africa, South Asia, United Nations and the Commonwealth said: "Tackling illicit finance requires global cooperation and the UK will continue to work with our international partners to strengthen their registers of beneficial ownership, to reduce money laundering, create a level playing field for businesses and bolster national security."