According to the British government, fraud is the most common offence in the UK, amounting to 41% of all crime in the year ending September 2022. Transparency International UK found that 929 UK companies involved in 89 cases of corruption and money laundering between 2000 and 2019 resulted in £137 billion in economic damage, though the true figure could be much higher.
The new Bill is intended to drive a cultural change through improved fraud prevention procedures while holding organisations to account for offences through prosecutions. The reaction to the reforms has been positive with Transparency International UK describing the changes to the Companies House as being long-overdue. There has, however, been criticism from some quarters with Spotlight on Corruption raising concerns about the financial capacity of Companies House and enforcement to carry out their expanded functions.