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The Small Business, Enterprise and Employment Act 2015 (SBEEA) has potentially made the most far-reaching changes to company compliance since the Companies Act 2006. The provisions introduced are intended to increase transparency of ownership and control of UK businesses, making it more difficult for businesses incorporated in the UK to be used as a cover for criminal activities.
The act received Royal Assent in March 2015 and has been implemented in a phased approach. The majority of the implementation has now taken place but a small number of provisions originally set out are yet to come into force. The changes with the highest impact are being delivered in the latter stages to allow companies more time to prepare.