Economic Crime (Transparency and Enforcement) Act 2022

Cited authorities 67

Cited in

Amendments 8

Jurisdiction	UK Non-devolved
Citation	2022 c. 10

Contenidos

Economic Crime (Transparency and Enforcement) Act 2022
PART 1: Registration of overseas entities

Introduction

1: Overview: This Part—
2: Definition of “overseas entity” etc

The register and registration

3: Register of overseas entities
4: Application for registration
5: Registration and allocation of overseas entity ID
6: Notice of registration

Updating

7: Updating duty
8: Failure to comply with updating duty

Removal

9: Application for removal
10: Processing of application under section 9
11: Transfer of documents to Public Record Office

Obtaining, updating and verifiying information

12: Identifying registrable beneficial owners
13: Additional powers to obtain information
14: Sections 12 and 13: supplementary
15: Failure to comply with notice under section 12 or 13
16: Verification of registrable beneficial owners and managing officers

Exemptions

17: Power to modify application process etc in certain cases
18: Exemptions

Language requirement

19: Documents to be in English

Annotation of the register

20: Annotation of the register

Inspection of the register and protection of information

21: Inspection and copies of register
22: Material unavailable for inspection
23: Disclosure of information about trusts
24: Disclosure of protected information
25: Power to protect other information
26: Data protection

Correction or removal of material on the register

27: Resolving inconsistencies in the register
28: Administrative removal of material from register
29: Application to rectify register
30: Court order to rectify register
31: Court powers on ordering removal of material from the register

False statements

32: General false statement offence

Land ownership and transactions

33: Land ownership and transactions
34: Power to require overseas entity to register if it owns certain land

Supplementary provision about offences

35: Liability of officers in default
36: Meaning of “daily default fine”
37: Consent required for prosecutions: Proceedings for an offence under this Part—
38: Further provision about proceedings: The following provisions of the Companies Act 2006 apply in relation to offences under this Part as they apply in relation to offences under the Companies Acts—

Financial penalties

39: Financial penalties

Sharing of information by HMRC

40: Sharing of information by HMRC

Transitional provision

41: Applications in the transitional period: information about land transactions
42: Requirement for certain unregistered overseas entities to provide information
43: Section 42: supplementary

Interpretation

44: Interpretation

PART 2: Unexplained wealth orders

45: Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland

46: Imposition of unexplained wealth orders on officers etc of property holder: Scotland

47: Alternative test to the income requirement: England and Wales and Northern Ireland: In section 362B(3) of the Proceeds of Crime Act 2002 (income requirement for making of unexplained wealth order)—

48: Alternative test to the income requirement: Scotland: In section 396B(3) of the Proceeds of Crime Act 2002 (income requirement for making of unexplained wealth order)—

49: Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland

50: Power to extend period for which interim freezing order has effect: Scotland

51: Annual reports on use of unexplained wealth orders: England and Wales
52: Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland
53: Limits on expenses orders in relation to unexplained wealth orders: Scotland

PART 3: Sanctions

54: Imposition of monetary penalties

55: Procedural rights
56: Reporting on breach of financial sanctions
Sanctions regulations

57: Streamlining process of making sanctions regulations

Designation

58: Urgent designation of persons by name
59: Urgent designation of persons by description
60: Specified ships
61: Existing sanctions regulations

Reviews and reports

62: Removal of reviews
63: Removal of reporting requirements
64: Court reviews: restrictions regarding damages

Miscellaneous

65: Sharing of information
66: Consequential provision

PART 4: General

67: Regulations

68: Extent

69: Commencement

70: Short title

SCHEDULES

SCHEDULE 1 Sections 4, 7 and 9
Applications: required information

PART 1: Introduction
PART 2: Overseas entities
PART 3: Registrable beneficial owners
PART 4: Managing officers
PART 5: Trusts
PART 6: Powers to make further provision under this Schedule

SCHEDULE 2 Section 4
Registrable beneficial owners

PART 1: Meaning of “registrable beneficial owner”
PART 2: Meaning of “beneficial owner”
PART 3: Meaning of “subject to its own disclosure requirements”
PART 4: Beneficial owners exempt from registration
PART 5: Supplementary provision about interpretation of Schedule
PART 6: Power to amend thresholds etc

SCHEDULE 3 Section 33(1)
Land ownership and transactions: England and Wales

PART 1: Amendments to Land Registration Act 2002
PART 2: Transition: qualifying estates registered pre-commencement

SCHEDULE 4 Section 33(2)
Land ownership and transactions: Scotland

PART 1: Amendments
PART 2: Transition: deeds registered pre-commencement
PART 3: Power to make further provision

SCHEDULE 5 Section 33(3)
Land ownership and transactions: Northern Ireland

Economic Crime (Transparency and Enforcement) Act 2022

2022 Chapter 10

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...

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Economic Crime (Transparency and Enforcement) Act 2022

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