70. Short title

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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

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

Version date: 15 March 2022 - onwards

This Act may be cited as the Economic Crime (Transparency and Enforcement) Act 2022.

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70. Short title

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