Economic Crime (Transparency and Enforcement) Act 2022

Legislation

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Economic Crime (Transparency and Enforcement) Act 2022

  1. Introductory Text

  2. PART 1 Registration of overseas entities

    1. Introduction

      1. 1. Overview

      2. 2. Definition of “overseas entity” etc

    2. The register and registration

      1. 3. Register of overseas entities

      2. 4. Application for registration

      3. 5. Registration and allocation of overseas entity ID

      4. 6. Notice of registration

    3. Updating

      1. 7. Updating duty

      2. 8. Failure to comply with updating duty

    4. Removal

      1. 9. Application for removal

      2. 10. Processing of application under section 9

      3. 11. Transfer of documents to Public Record Office

    5. Obtaining, updating and verifiying information

      1. 12. Identifying registrable beneficial owners

      2. 13. Additional powers to obtain information

      3. 14. Sections 12 and 13: supplementary

      4. 15. Failure to comply with notice under section 12 or 13

      5. 16. Verification of registrable beneficial owners and managing officers

    6. Exemptions

      1. 17. Power to modify application process etc in certain cases

      2. 18. Exemptions

    7. Language requirement

      1. 19. Documents to be in English

    8. Annotation of the register

      1. 20. Annotation of the register

    9. Inspection of the register and protection of information

      1. 21. Inspection and copies of register

      2. 22. Material unavailable for inspection

      3. 23. Disclosure of information about trusts

      4. 24. Disclosure of protected information

      5. 25. Power to protect other information

      6. 26. Data protection

    10. Correction or removal of material on the register

      1. 27. Resolving inconsistencies in the register

      2. 28. Administrative removal of material from register

      3. 29. Application to rectify register

      4. 30. Court order to rectify register

      5. 31. Court powers on ordering removal of material from the register

    11. False statements

      1. 32. General false statement offence

    12. Land ownership and transactions

      1. 33. Land ownership and transactions

      2. 34. Power to require overseas entity to register if it owns certain land

    13. Supplementary provision about offences

      1. 35. Liability of officers in default

      2. 36. Meaning of “daily default fine”

      3. 37. Consent required for prosecutions

      4. 38. Further provision about proceedings

    14. Financial penalties

      1. 39. Financial penalties

    15. Sharing of information by HMRC

      1. 40. Sharing of information by HMRC

    16. Transitional provision

      1. 41. Applications in the transitional period: information about land transactions

      2. 42. Requirement for certain unregistered overseas entities to provide information

      3. 43. Section 42: supplementary

    17. Interpretation

      1. 44. Interpretation

  3. PART 2 Unexplained wealth orders

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

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

    3. 47. Alternative test to the income requirement: England and Wales and Northern Ireland

    4. 48. Alternative test to the income requirement: Scotland

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

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

    7. 51. Annual reports on use of unexplained wealth orders: England and Wales

    8. 52. Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland

    9. 53. Limits on expenses orders in relation to unexplained wealth orders: Scotland

  4. PART 3 Sanctions

    1. CHAPTER 1 Monetary penalties

      1. 54. Imposition of monetary penalties

      2. 55. Procedural rights

      3. 56. Reporting on breach of financial sanctions

    2. CHAPTER 2 Imposition of sanctions etc

      1. Sanctions regulations

        1. 57. Streamlining process of making sanctions regulations

      2. Designation

        1. 58. Urgent designation of persons by name

        2. 59. Urgent designation of persons by description

        3. 60. Specified ships

        4. 61. Existing sanctions regulations

      3. Reviews and reports

        1. 62. Removal of reviews

        2. 63. Removal of reporting requirements

        3. 64. Court reviews: restrictions regarding damages

      4. Miscellaneous

        1. 65. Sharing of information

        2. 66. Consequential provision

  5. PART 4 General

    1. 67. Regulations

    2. 68. Extent

    3. 69. Commencement

    4. 70. Short title

  6. SCHEDULES

    1. SCHEDULE 1

      Applications: required information

      1. PART 1 Introduction

        1. 1. This Schedule sets out the required information for the purposes...

      2. PART 2 Overseas entities

        1. 2. (1) The required information about an overseas entity is—

      3. PART 3 Registrable beneficial owners

        1. 3. Individuals

        2. 4. Governments and public authorities

        3. 5. Other legal entities

      4. PART 4 Managing officers

        1. 6. Individuals

        2. 7. Persons other than individuals

      5. PART 5 Trusts

        1. 8. (1) The required information about a trust is—

      6. PART 6 Powers to make further provision under this Schedule

        1. 9. (1) The Secretary of State may by regulations make further...

        2. 10. (1) The Secretary of State may by regulations amend this...

    2. SCHEDULE 2

      Registrable beneficial owners

      1. PART 1 Meaning of “registrable beneficial owner”

        1. 1. Introduction

        2. 2. Registrable beneficial owners: individuals

        3. 3. Registrable beneficial owners: legal entities

        4. 4. Registrable beneficial owners: government or public authority

      2. PART 2 Meaning of “beneficial owner”

        1. 5. Introduction

        2. 6. Beneficial owners

      3. PART 3 Meaning of “subject to its own disclosure requirements”

        1. 7. (1) For the purposes of this Schedule a legal entity...

      4. PART 4 Beneficial owners exempt from registration

        1. 8. “Exempt from being registered”

        2. 9. Holding an interest in an overseas entity etc

      5. PART 5 Supplementary provision about interpretation of Schedule

        1. 10. Introduction

        2. 11. Joint interests

        3. 12. Joint arrangements

        4. 13. Calculating shareholdings

        5. 14. Voting rights

        6. 15. In applying this Schedule, the voting rights in a legal...

        7. 16. Rights to appoint or remove members of the board

        8. 17. References to a board of directors, in the case of...

        9. 18. Shares or rights held “indirectly”

        10. 19. Shares held by nominees

        11. 20. Rights treated as held by a person who controls their exercise

        12. 21. Rights exercisable only in certain circumstances etc

        13. 22. Rights attached to shares held by way of security

        14. 23. Limited partnerships

        15. 24. Meaning of “director”

      6. PART 6 Power to amend thresholds etc

        1. 25. (1) The Secretary of State may by regulations amend this...

    3. SCHEDULE 3

      Land ownership and transactions: England and Wales

      1. PART 1 Amendments to Land Registration Act 2002

        1. 1. The Land Registration Act 2002 is amended as follows.

        2. 2. After section 85 insert— Overseas entities Overseas entities Schedule 4A is about the ownership of registered land by...

        3. 3. After Schedule 4 insert— SCHEDULE 4A Overseas entities Section 85A...

        4. 4. In section 128 (regulations), in subsection (4)—

      2. PART 2 Transition: qualifying estates registered pre-commencement

        1. 5. Duty of proprietor to register as an overseas entity within transitional period

        2. 6. Registrar’s duty to enter restriction in relation to qualifying estate

        3. 7. Interpretation

    4. SCHEDULE 4

      Land ownership and transactions: Scotland

      1. PART 1 Amendments

        1. 1. Conveyancing (Scotland) Act 1924

        2. 2. Land Registration etc. (Scotland) Act 2012 (asp 5)

        3. 3. In section 21 (application for registration of deed)—

        4. 4. In section 27 (application for voluntary registration), after subsection (4)...

        5. 5. In section 46 (the title of which becomes “Meaning of...

        6. 6. The italic heading before section 112 becomes “Offences”.

        7. 7. After section 112 insert— Offence by overseas entity (1) An overseas entity must not deliver to a person...

        8. 8. In section 116(2) (orders and regulations subject to the negative...

        9. 9. After schedule 1 insert— SCHEDULE 1A Land transactions: overseas entities...

      2. PART 2 Transition: deeds registered pre-commencement

        1. 10. Duty to register as an overseas entity within transitional period

        2. 11. Disapplication of certain provisions during transitional period

        3. 12. Interpretation

        4. 13. For the purposes of paragraphs 10(1)(a) and 11(1)(a)—

      3. PART 3 Power to make further provision

        1. 14. (1) The Secretary of State may by regulations make further...

    5. SCHEDULE 5

      Land ownership and transactions: Northern Ireland

      1. 1. The Land Registration Act (Northern Ireland) 1970 is amended as...

      2. 2. After section 61 insert— Overseas entities Schedule 8A is about the ownership of registered land by...

      3. 3. After Schedule 8 insert— SCHEDULE 8A Overseas entities Section 61A...