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New financial penalty power for Registrar

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The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations, SI 2024/445, allow the Registrar to impose a financial penalty on a person if satisfied beyond reasonable doubt that the individual has engaged in misconduct amounting to a relevant offence under the Companies Act 2006. This is a new civil power for the Registrar and is expected to be used as an alternative to pursuing criminal prosecution through the courts.

Issue: 1657
Categories: News