Economic Crime (Transparency and Enforcement) Act 2022
Economic Crime (Transparency and Enforcement) Act 2022 (2022 c. 10)
- Economic Crime (Transparency and Enforcement) Act 2022 (2022 c. 10)
- PART 1 Registration of overseas entities
- Introduction
- 1 Overview
- 2 Definition of “overseas entity” etc
- The register and registration
- 3 Register of overseas entities
- 4 Application for registration
- 5 Registration and allocation of overseas entity ID
- 6 Notice of registration
- Updating
- 7 Updating duty
- 8 Failure to comply with updating duty
- Removal
- 9 Application for removal
- 10 Processing of application under section 9
- 11 Transfer of documents to Public Record Office
- Obtaining, updating and verifiying information
- 12 Identifying registrable beneficial ownersDuty 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
- 17 Power to modify application process etc in certain cases
- 17A Exceptions to duty to provide change of beneficiary information
- 18 Exemptions
- Language requirement
- 19 Documents to be in English
- Annotation of the register
- 20 Annotation of the register
- Inspection of the register and protection of information
- 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 protect other informationPower to make regulations protecting material
- 26 Data protection
- Correction or removal of material on the register
- 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
- 30 Court order to rectify register
- 31 Court powers on ordering removal of material from the register
- False statements
- 32 False statements: basic offence
- 32A False statements: aggravated offence
- Land ownership and transactions
- 33 Land ownership and transactions
- 34 Power to require overseas entity to register if it owns certain land
- Supplementary provision about offences
- 35 Liability of officers in default
- 36 Meaning of “daily default fine”
- 37 Consent required for prosecutions
- 38 Further provision about proceedings
- Financial penalties
- 39 Financial penalties
- Sharing of information by HMRC
- 40 Sharing of information by HMRC
- Transitional provision
- 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
- 44 Interpretation
- PART 2 Unexplained wealth orders
- 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
- CHAPTER 1 Monetary penalties
- 54 Imposition of monetary penalties
- 55 Procedural rights
- 56 Reporting on breach of financial sanctions
- CHAPTER 2 Imposition of sanctions etc
- Sanctions regulations
- 57 Streamlining process of making sanctions regulations
- Designation
- 58 Urgent designation of persons by name
- 59 Urgent designation of persons by description
- 60 Specified ships
- 61 Existing sanctions regulations
- Reviews and reports
- 62 Removal of reviews
- 63 Removal of reporting requirements
- 64 Court reviews: restrictions regarding damages
- Miscellaneous
- 65 Sharing of information
- 66 Consequential provision
- PART 4 General
- 67 Regulations
- 68 Extent
- 69 Commencement
- 70 Short title
- SCHEDULES
- SCHEDULE 1 Applications: required information
- PART 1 Introduction
- PART 2 Overseas entities
- PART 3 Registrable beneficial owners
- Individuals
- Governments and public authorities
- Other legal entities
- PART 4 Managing officers
- Individuals
- Persons other than individuals
- PART 5 Trusts
- PART 6 Powers to make further provision under this Schedule
- SCHEDULE 2 Registrable beneficial owners
- PART 1 Meaning of “registrable beneficial owner”
- Introduction
- Registrable beneficial owners: individuals
- Registrable beneficial owners: legal entities
- Registrable beneficial owners: government or public authority
- PART 2 Meaning of “beneficial owner”
- Introduction
- Beneficial owners
- Persons treated as beneficial owners where entity holds land as nominee
- PART 3 Meaning of “subject to its own disclosure requirements”
- PART 4 Beneficial owners exempt from registration
- “Exempt from being registered”
- Holding an interest in an overseas entity etc
- PART 5 Supplementary provision about interpretation of Schedule
- Introduction
- Joint interests
- Joint arrangements
- Calculating shareholdings
- Voting rights
- Rights to appoint or remove members of the board
- Shares or rights held “indirectly”
- Shares held by nominees
- Rights treated as held by a person who controls their exercise
- Rights exercisable only in certain circumstances etc
- Rights attached to shares held by way of security
- Limited partnerships
- Meaning of “director”
- PART 6 Powers to amend this Schedule
- Expansion of meaning of “registrable beneficial owner” where trusts in view
- SCHEDULE 3 Land ownership and transactions: England and Wales
- PART 1 Amendments to Land Registration Act 2002
- PART 2 Transition: qualifying estates registered pre-commencement
- Duty of proprietor to register as an overseas entity within transitional period
- Registrar’s duty to enter restriction in relation to qualifying estate
- Interpretation
- SCHEDULE 4 Land ownership and transactions: Scotland
- PART 1 Amendments
- Conveyancing (Scotland) Act 1924
- Land Registration etc. (Scotland) Act 2012 (asp 5)
- PART 2 Transition: deeds registered pre-commencement
- Duty to register as an overseas entity within transitional period
- Disapplication of certain provisions during transitional period
- Interpretation
- PART 3 Power to make further provision
- SCHEDULE 5 Land ownership and transactions: Northern Ireland
- SCHEDULE 6 Duty to deliver further information for transitional cases
- Application of this Schedule
- Duty to deliver statements and information
- Information about changes in beneficial ownership
- Information about trusts and changes in beneficiaries
- Information about changes in trusts of which registrable beneficial owners trustees
- Compliance by confirmation of information previously provided
- Failure to comply with this Schedule
- Obtaining information
- Power to exclude descriptions of registrable beneficial owner
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