Economic Crime (Transparency and Enforcement) Act 2022
Act of the Parliament of the United Kingdom
From Wikipedia, the free encyclopedia
The Economic Crime (Transparency and Enforcement) Act 2022 (c. 10) is an act of Parliament of the United Kingdom, which expands provisions in relation to sanctions and financial crime,[2] that was fast-tracked through Parliament in response to the 2022 Russian invasion of Ukraine.[3][4]
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1 March 2022 (Commons)
Baroness Williams of Trafford, Minister of State for Home Affairs
8 March 2022 (Lords)
| Act of Parliament | |
| |
| Long title | An Act to set up a register of overseas entities and their beneficial owners and require overseas entities who own land to register in certain circumstances; to make provision about unexplained wealth orders; and to make provision about sanctions. |
|---|---|
| Citation | 2022 c. 10 |
| Introduced by | Priti Patel, Home Secretary 1 March 2022 (Commons) Baroness Williams of Trafford, Minister of State for Home Affairs 8 March 2022 (Lords) |
| Territorial extent | [b] |
| Dates | |
| Royal assent | 14 March 2022[1] |
| Commencement | various[c] |
| Other legislation | |
| Amends |
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| Amended by | |
| Relates to | |
Status: Amended | |
| History of passage through Parliament | |
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
| Text of the Economic Crime (Transparency and Enforcement) Act 2022 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
Background
During the 2022 Russian invasion of Ukraine, British law enforcement agencies and transparency campaigners raised concerns about the property market of the United Kingdom being used by criminal organisations and corrupt individuals to commit financial crimes.[5]
Passage
The Economic Crime (Transparency and Enforcement) Bill was formally introduced to the House of Commons of the United Kingdom as a government bill on 1 March 2022.[6] The bill was debated and entered a Committee of the Whole House on 7 March.[7][8]
Following its passage through the House of Commons, the bill was formally introduced to the House of Lords on 8 March, and was debated the following day.[9][10] The bill entered committee and received royal assent on 14 March.[11][12]
The act
Register of Overseas Entities
Part 1 of the act sets up a register of overseas entities, which includes information about their beneficial owners (sections 3 to 32), and which makes provisions designed to compel overseas entities to register if they currently own, or wish to own, land in the United Kingdom (sections 33 and 34).[13]
Unexplained wealth orders
Part 2 of the act sets out provisions relating to unexplained wealth orders.
Sanctions
Part 3 of the act contains amendments to the imposition of monetary penalties under the Policing and Crime Act 2017 and amends the UK's sanctions framework under the Sanctions and Anti-Money Laundering Act 2018.[14]
Reception
The Law Society of England and Wales welcomed the passage of the act.[15]