The first commencement order under the Economic Crime and Corporate Transparency Act 2023 brings into force on 15 January 2024 several parts of the Act, including the provisions on:
- the change to POCA to create exemptions from money laundering offences where regulated businesses deal only with part of a client’s property;
- amendments to SAMLA to allow regulations on EDD to be made referencing directly the FATF high risk countries list
- the list of “economic crime offences”.
The provisions on enforcement of sanctions monetary penalties came fully into force on 15 November.