Written statement on Contingencies Fund Advance ( Economic Crime and Corporate Transparency Bill) - May 16

Parliamentary Under Secretary of State for Enterprise and Markets (Kevin Hollinrake): The Economic Crime and Corporate Transparency Bill will reform the operations of Companies House by setting out new objectives for the Registrar of Companies, including additional powers to query and amend the register where it is suspected that there is fraud or error, as well as scope to proactively share intelligence on criminal activity across government to combat economic crime. These provisions will help Companies House do more to tackle criminals, terrorists, and corruption, strengthening the UK’s reputation as a place where legitimate business can thrive, whilst driving dirty money out of the country.

The legislation enables further investigation and enforcement activity to be undertaken against corporate entities. In readiness for this responsibility we propose to ensure Companies House has the right staff and systems in place to deliver the Registrar’s new powers.

Parliamentary approval for additional resource of £425,000 and capital of £37,000 for this new service will be sought in a Main Estimate for the Department for Business and Trade. Pending that approval, urgent expenditure estimated at £462,000 will be met by repayable cash advances from the Contingencies Fund.