Economic Crime (Transparency and Enforcement) Act 2022 (c. 10)

Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 15 March 2022

Economic Crime (Transparency and Enforcement) Act 2022 (c. 10)

	Introductory Text
	Part 1 Registration of overseas entities (ss. 1-44)
	Introduction (ss. 1-2)
	1. Overview
	2. Definition of "overseas entity" etc
	The register and registration (ss. 3-6)
	3. Register of overseas entities
	4. Application for registration
	5. Registration and allocation of overseas entity ID
	6. Notice of registration
	Updating (ss. 7-8)
	7. Updating duty
	8. Failure to comply with updating duty
	Removal (ss. 9-11)
	9. Application for removal
	10. Processing of application under section 9
	11. Transfer of documents to Public Record Office
	Obtaining, updating and verifiying information (ss. 12-16)
	12. Duty to take steps to obtain information
	13. Additional powers to obtain information
	14. Sections 12 and 13: supplementary
	15. Failure to comply with notice under section 12 or 13
	15A False statements under section 12 or 13: basic offence
	15B False statements under section 12 or 13: aggravated offence
	16. Verification of registrable beneficial owners and managing officers
	Exemptions (ss. 17-18)
	17. Power to modify application process etc in certain cases
	17A. Exceptions to duty to provide change of beneficiary information
	18. Exemptions
	Language requirement (s. 19)
	19. Documents to be in English
	Annotation of the register (s. 20)
	20. Annotation of the register
	Inspection of the register and protection of information (ss. 21-26)
	21. Inspection and copies of register
	22. Material unavailable for inspection
	23. Disclosure of protected information
	24. Consultation about regulations under section 23
	25. Power to make regulations protecting material
	26. Data protection
	Correction or removal of material on the register (ss. 27-31)
	27. Resolving inconsistencies
	28. Administrative removal of material from the register
	28A Further provision about removal of material from the register
	29. Application to rectify register
	29A.
	30. Court order to rectify register
	31. Court powers on ordering removal of material from the register
	False statements (ss. 32-32A)
	32. False statements: basic offence
	32A. False statements: aggravated offence
	Land ownership and transactions (ss. 33-34)
	33. Land ownership and transactions
	34. Power to require overseas entity to register if it owns certain land
	Supplementary provision about offences (ss. 35-38)
	35. Liability of officers in default
	36. Meaning of "daily default fine"
	37. Consent required for prosecutions
	38. Further provision about proceedings
	Financial penalties (s. 39)
	39. Financial penalties
	Sharing of information by HMRC (s. 40)
	40. Sharing of information by HMRC
	Transitional provision (ss. 41-43)
	41. Applications in the transitional period: information about land transactions
	42. Requirement for certain unregistered overseas entities to provide information
	43. Section 42: supplementary
	43A. Duty to deliver further information for transitional cases
	Interpretation (s. 44)
	44. Interpretation
	Part 2 Unexplained wealth orders (ss. 45-53)
	45. Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland
	46. Imposition of unexplained wealth orders on officers etc of property holder: Scotland
	47. Alternative test to the income requirement: England and Wales and Northern Ireland
	48. Alternative test to the income requirement: Scotland
	49. Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland
	50. Power to extend period for which interim freezing order has effect: Scotland
	51. Annual reports on use of unexplained wealth orders: England and Wales
	52. Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland
	53. Limits on expenses orders in relation to unexplained wealth orders: Scotland
	Part 3 Sanctions (ss. 54-66)
	Chapter 1 Monetary penalties (ss. 54-56)
	54. Imposition of monetary penalties
	55. Procedural rights
	56. Reporting on breach of financial sanctions
	Chapter 2 Imposition of sanctions etc (ss. 57-66)
	Sanctions regulations (s. 57)
	57. Streamlining process of making sanctions regulations
	Designation (ss. 58-61)
	58. Urgent designation of persons by name
	59. Urgent designation of persons by description
	60. Specified ships
	61. Existing sanctions regulations
	Reviews and reports (ss. 62-64)
	62. Removal of reviews
	63. Removal of reporting requirements
	64. Court reviews: restrictions regarding damages
	Miscellaneous (ss. 65-66)
	65. Sharing of information
	66. Consequential provision
	Part 4 General (ss. 67-70)
	67. Regulations
	68. Extent
	69. Commencement
	70. Short title
	Schedule 1 Applications: required information
	Schedule 1, Part 1 Introduction (para. 1)
	Schedule 1, Part 2 Overseas entities (para. 2)
	Schedule 1, Part 3 Registrable beneficial owners (paras. 3-5)
	Schedule 1, Part 4 Managing officers (paras. 6-7)
	Schedule 1, Part 5 Trusts (para. 8)
	Schedule 1, Part 6 Powers to make further provision under this Schedule (paras. 9-10)
	Schedule 2 Registrable beneficial owners
	Schedule 2, Part 1 Meaning of "registrable beneficial owner" (paras. 1-4)
	Schedule 2, Part 2 Meaning of "beneficial owner" (paras. 5-6A)
	Schedule 2, Part 3 Meaning of "subject to its own disclosure requirements" (para. 7)
	Schedule 2, Part 4 Beneficial owners exempt from registration (paras. 8-9)
	Schedule 2, Part 5 Supplementary provision about interpretation of Schedule (paras. 10-24)
	Schedule 2, Part 6 Powers to amend this Schedule (paras. 24A-25)
	Schedule 3 Land ownership and transactions: England and Wales
	Schedule 3, Part 1 Amendments to Land Registration Act 2002 (paras. 1-4)
	Schedule 3, Part 2 Transition: qualifying estates registered pre-commencement (paras. 5-7)
	Schedule 4 Land ownership and transactions: Scotland
	Schedule 4, Part 1 Amendments (paras. 1-9)
	Schedule 4, Part 2 Transition: deeds registered pre-commencement (paras. 10-13)
	Schedule 4, Part 3 Power to make further provision (para. 14)
	Schedule 5 Land ownership and transactions: Northern Ireland
	Schedule 6 Duty to deliver further information for transitional cases
	Explanatory Notes
	De minimis assessment