| 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 | England and Wales,Scotland,Northern Ireland |
| Dates | |
| Royal assent | 14 March 2022 (2022-03-14)[1] |
| Commencement | SeeCommencement |
| Other legislation | |
| Relates to | |
Status: Current legislation | |
| History of passage through Parliament | |
| Text of statute as originally enacted | |
| Text of the Economic Crime (Transparency and Enforcement) Act 2022 as in force today (including any amendments) within the United Kingdom, fromlegislation.gov.uk. | |
TheEconomic Crime (Transparency and Enforcement) Act 2022 (c. 10) is anact ofParliament of the United Kingdom, which expands provisions in relation to sanctions and financial crime,[2] that was fast-tracked through Parliament in response to the2022 Russian invasion of Ukraine.[3][4]
During the2022 Russian invasion of Ukraine, British law enforcement agencies and transparency campaigners raised concerns about the property market of theUnited Kingdom being used by criminal organisations and corrupt individuals to commitfinancial crimes.[5]
The Economic Crime (Transparency and Enforcement) Bill was formally introduced to theHouse of Commons of the United Kingdom as agovernment bill on 1 March 2022.[6] The bill was debated and entered aCommittee of the Whole House on 7 March.[7][8]
Following its passage through the House of Commons, the bill was formally introduced to theHouse of Lords on 8 March, and was debated the following day.[9][10] The bill entered committee and receivedroyal assent on 14 March.[11][12]
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]
Part 2 of the act sets out provisions relating tounexplained wealth orders.
Part 3 of the act contains amendments to the imposition of monetary penalties under thePolicing and Crime Act 2017 and amends the UK's sanctions framework under theSanctions and Anti-Money Laundering Act 2018.[14]
TheLaw Society of England and Wales welcomed the passage of the act.[15]
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