The Economic Crime (Transparency and Enforcement) Act 2022 got Royal Assent on 15 March only 14 days after its introduction into Parliament.
As noted in previous posts and articles, the main focus of the Act is:
- the introduction of the register of overseas entities and the requirement for such entities to register where they hold land in the UK
- the mechanism by which Companies House will maintain the register, the information that entities should provide on themselves and their beneficial owners and how information will be verified and updated
- the introduction of offences that may be committed by those that do not register, who fail to respond to requests or update information or who provide misleading information
- the broadening of the scope of the powers on unexplained wealth orders
- the introduction of strict liability for breach of sanctions restrictions and
- the ability to make urgent sanctions designations under SAMLA.