Fixing the UK's transparency model: what the Economic Crime Act 2023 really changes

For almost a decade, the UK has presented itself as a pioneer in corporate transparency. When the People with Significant Control (PSC) register was introduced in 2016, it was hailed as an example to follow for other jurisdictions: an open, searchable database revealing the individuals who ultimately control companies. Yet as subsequent leaks, such as the Panama Papers, Paradise Papers, and most notoriously Londongrad, laid bare, the UK's experiment with transparency without enforcement created a system that was radical in principle but rather toothless in practice.