Act of Parliament | |
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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. |
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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[1] |
Commencement | See Commencement |
Other legislation | |
Relates to | Policing and Crime Act 2017 Sanctions and Anti-Money Laundering Act 2018 |
Status: Current legislation | |
History of passage through Parliament | |
Text of statute as originally enacted | |
Revised text of statute as amended |
The Economic Crime (Transparency and Enforcement) Act 2022 (c. 10) is a United Kingdom Act of Parliament which was fast-tracked through Parliament in response to the 2022 Russian invasion of Ukraine.[2] The act expands provisions in relation to sanctions and financial crime.
Passage
The Economic Crime (Transparency and Enforcement) Bill was formally introduced to the House of Commons as a government bill on 1 March 2022.[3] The bill was debated and entered a Committee of the Whole House on 7 March.[4][5]
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.[6][7] The bill entered committee and received Royal Assent on 14 March.[8][9]
Background
During the ongoing 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.[10]
Contents
Part 1: Register of Oversees 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).[11]
Part 2: Unexplained Wealth Orders
Part 2 of the act sets out provisions relating to Unexplained wealth orders.
Part 3: 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.[12]
Reception
The Law Society of England and Wales welcomed the passage of the Act.[13]
See also
References
- ^ "Royal Assent". Parliamentary Debates (Hansard). Vol. 820. House of Commons. 14 March 2022.
- ^ "Key changes to UK sanctions regime - The Economic Crime (Transparency and Enforcement) Act 2022".
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: CS1 maint: url-status (link) - ^ "Economic Crime (Transparency and Enforcement) Act 2022, 1st Reading [HC]". Retrieved 26 March 2022.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Economic Crime (Transparency and Enforcement) Bill, 2nd Reading [HC]". Retrieved 26 March 2022.
- ^ "Economic Crime (Transparency and Enforcement) Act 2022, Committee Stage [HL]". Retrieved 26 March 2022.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Economic Crime (Transparency and Enforcement) Bill 2022, 1st Reading [HL]". Retrieved 26 March 2022.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Economic Crime (Transparency and Enforcement) Bill 2022, 2nd Reading [HL]". Retrieved 26 March 2022.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Economic Crime (Transparency and Enforcement) Bill 2022, Committee Stage [HL]". Retrieved 26 March 2022.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Economic Crime (Transparency and Enforcement) Act 2022, Royal Assent". Retrieved 26 March 2022.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Economic Crime (Transparency and Enforcement) Bill, Explanatory Notes" (PDF). Retrieved 27 March 2022.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Overview, Economic Crime (Transparency and Enforcement) Act 2022".
{{cite web}}
: CS1 maint: url-status (link) - ^ "Key changes to UK sanctions regime - The Economic Crime (Transparency and Enforcement) Act 2022".
{{cite web}}
: CS1 maint: url-status (link) - ^ "Economic Crime Act: what does it mean for law firms?". Law Society of England and Wales. 16 March 2022.