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Table of Contents

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Economic Crime (Transparency and Enforcement) Act 2022 (c. 10)Introductory TextPart 1 Registration of overseas entities (ss. 1-44)Introduction (ss. 1-2)1. Overview2. Definition of "overseas entity" etcThe register and registration (ss. 3-6)3. Register of overseas entities4. Application for registration5. Registration and allocation of overseas entity ID6. Notice of registrationUpdating (ss. 7-8)7. Updating duty8. Failure to comply with updating dutyRemoval (ss. 9-11)9. Application for removal10. Processing of application under section 911. Transfer of documents to Public Record OfficeObtaining, updating and verifiying information (ss. 12-16)12. Duty to take steps to obtain information13. Additional powers to obtain information14. Sections 12 and 13: supplementary15. Failure to comply with notice under section 12 or 1315A False statements under section 12 or 13: basic offence15B False statements under section 12 or 13: aggravated offence16. Verification of registrable beneficial owners and managing officersExemptions (ss. 17-18)17. Power to modify application process etc in certain cases17A. Exceptions to duty to provide change of beneficiary information18. ExemptionsLanguage requirement (s. 19)19. Documents to be in EnglishAnnotation of the register (s. 20)20. Annotation of the registerInspection of the register and protection of information (ss. 21-26)21. Inspection and copies of register22. Material unavailable for inspection23. Disclosure of protected information24. Consultation about regulations under section 2325. Power to make regulations protecting material26. Data protectionCorrection or removal of material on the register (ss. 27-31)27. Resolving inconsistencies28. Administrative removal of material from the register28A Further provision about removal of material from the register29. Application to rectify register29A.30. Court order to rectify register31. Court powers on ordering removal of material from the registerFalse statements (ss. 32-32A)32. False statements: basic offence32A. False statements: aggravated offenceLand ownership and transactions (ss. 33-34)33. Land ownership and transactions34. Power to require overseas entity to register if it owns certain landSupplementary provision about offences (ss. 35-38)35. Liability of officers in default36. Meaning of "daily default fine"37. Consent required for prosecutions38. Further provision about proceedingsFinancial penalties (s. 39)39. Financial penaltiesSharing of information by HMRC (s. 40)40. Sharing of information by HMRCTransitional provision (ss. 41-43)41. Applications in the transitional period: information about land transactions42. Requirement for certain unregistered overseas entities to provide information43. Section 42: supplementary43A. Duty to deliver further information for transitional casesInterpretation (s. 44)44. InterpretationPart 2 Unexplained wealth orders (ss. 45-53)45. Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland46. Imposition of unexplained wealth orders on officers etc of property holder: Scotland47. Alternative test to the income requirement: England and Wales and Northern Ireland48. Alternative test to the income requirement: Scotland49. Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland50. Power to extend period for which interim freezing order has effect: Scotland51. Annual reports on use of unexplained wealth orders: England and Wales52. Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland53. Limits on expenses orders in relation to unexplained wealth orders: ScotlandPart 3 Sanctions (ss. 54-66)Chapter 1 Monetary penalties (ss. 54-56)54. Imposition of monetary penalties55. Procedural rights56. Reporting on breach of financial sanctionsChapter 2 Imposition of sanctions etc (ss. 57-66)Sanctions regulations (s. 57)57. Streamlining process of making sanctions regulationsDesignation (ss. 58-61)58. Urgent designation of persons by name59. Urgent designation of persons by description60. Specified ships61. Existing sanctions regulationsReviews and reports (ss. 62-64)62. Removal of reviews63. Removal of reporting requirements64. Court reviews: restrictions regarding damagesMiscellaneous (ss. 65-66)65. Sharing of information66. Consequential provisionPart 4 General (ss. 67-70)67. Regulations68. Extent69. Commencement70. Short titleSchedule 1 Applications: required informationSchedule 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 ownersSchedule 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 WalesSchedule 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: ScotlandSchedule 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 IrelandSchedule 6 Duty to deliver further information for transitional casesExplanatory NotesDe minimis assessment
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2022 - onwards
Version 2 of 2

4. Application for registration

(1) An application by an overseas entity for registration must be delivered to the registrar and contain -

(a) the statement and information listed in row 1, 2 or 3 of the table, and, where applicable, the statement and information mentioned in subsection (3),

(b) a statement that the entity has complied with section 12 (duty to take steps to identify registrable beneficial owners etc),

(c) anything required by regulations under section 16 (verification of registrable beneficial owners and managing officers) to be delivered to the registrar, and

(d) the name and contact details of an individual who may be contacted about the application.

(2) This is the table -

 

Statement

Information

1

A statement:

(a) that the entity has identified one or more registrable beneficial owners and that it has no reasonable cause to believe there are others, and

(b) that the entity is able to provide the required information about each registrable beneficial owner it has identified.

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