Some significant reforms have been put forward in a recent BIS consultation document on corporate transparency. But has the government taken its crusade a bit too far, asks Jennifer Adams.
Last month, a post from AIA Accountancy e-News alerted us to government proposals to radically improve company transparency and boost public trust in business. At the time of writing, just over 100 AccountingWEB members had viewed the item, but perhaps more should take an interest, as the BIS paper includes some far-reaching proposals that could have a profound effect on every UK plc and private company.
By focusing on the technical accounting aspects, the AIA document misses some of the most significant company law changes. But a closer reading of the 89-page BIS ‘Transparency and Trust’ document reveals that the continuing campaign to crack down on criminals, terrorists and international money launderers will have a direct effect on ordinary sole director, private limited companies around the country.
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