UK Act of Parliament
2022
United Kingdom
Economic Crime (Transparency and Enforcement) Act 2022
At a glance
Enforced by
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 70 other Schedules — structural / supplementary
(1) The Secretary of State may by regulations amend this...
(1) The required information about an overseas entity is—
Individuals
Governments and public authorities
Other legal entities
Individuals
Persons other than individuals
(1) The required information about a trust is—
(1) The Secretary of State may by regulations make further...
Introduction
Introduction
Joint interests
Joint arrangements
Calculating shareholdings
Voting rights
In applying this Schedule, the voting rights in a legal...
Rights to appoint or remove members of the board
References to a board of directors, in the case of...
Shares or rights held “indirectly”
Shares held by nominees
Registrable beneficial owners: individuals
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”
Expansion of meaning of “registrable beneficial owner” where trusts in view
(1) The Secretary of State may by regulations amend this...
Registrable beneficial owners: legal entities
Registrable beneficial owners: government or public authority
Introduction
Beneficial owners
Persons treated as beneficial owners where entity holds land as nominee
(1) For the purposes of this Schedule a legal entity...
“Exempt from being registered”
Holding an interest in an overseas entity etc
The Land Registration Act 2002 is amended as follows.
After section 85 insert— Overseas entities Overseas entities Schedule 4A is about the ownership of registered land by...
After Schedule 4 insert— SCHEDULE 4A Overseas entities Section 85A...
In section 128 (regulations), in subsection (4)—
Duty of proprietor to register as an overseas entity within transitional period
Registrar’s duty to enter restriction in relation to qualifying estate
Interpretation
Conveyancing (Scotland) Act 1924
Duty to register as an overseas entity within transitional period
Disapplication of certain provisions during transitional period
Interpretation
For the purposes of paragraphs 10(1)(a) and 11(1)(a)—
(1) The Secretary of State may by regulations make further...
Land Registration etc. (Scotland) Act 2012 (asp 5)
In section 21 (application for registration of deed)—
In section 27 (application for voluntary registration), after subsection (4)...
In section 46 (the title of which becomes “Meaning of...
The italic heading before section 112 becomes “Offences”.
After section 112 insert— Offence by overseas entity (1) An overseas entity must not deliver to a person...
In section 116(2) (orders and regulations subject to the negative...
After schedule 1 insert— SCHEDULE 1A Land transactions: overseas entities...
The Land Registration Act (Northern Ireland) 1970 is amended as...
After section 61 insert— Overseas entities Schedule 8A is about the ownership of registered land by...
After Schedule 8 insert— SCHEDULE 8A Overseas entities Section 61A...
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
Browse 77 other sections — procedural / definitional / commencement
Overview
Definition of “overseas entity” etc
Register of overseas entities
Application for registration
Registration and allocation of overseas entity ID
Notice of registration
Updating duty
Failure to comply with updating duty
Application for removal
Processing of application under section 9
Transfer of documents to Public Record Office
Duty to take steps to obtain information
Additional powers to obtain information
Sections 12 and 13: supplementary
Failure to comply with notice under section 12 or 13
False statements under section 12 or 13: basic offence
False statements under section 12 or 13: aggravated offence
Verification of registrable beneficial owners and managing officers
Power to modify application process etc in certain cases
Exceptions to duty to provide change of beneficiary information
Exemptions
Documents to be in English
Annotation of the register
Inspection and copies of register
Material unavailable for inspection
Disclosure of protected information
Consultation about regulations under section 23
Power to make regulations protecting material
Data protection
Resolving inconsistencies ...
Administrative removal of material from the register
Further provision about removal of material from the register
Application to rectify register
(1) This section applies where— (a) a material discrepancy in...
Court order to rectify register
Court powers on ordering removal of material from the register
False statements: basic offence
False statements: aggravated offence
Land ownership and transactions
Power to require overseas entity to register if it owns certain land
Liability of officers in default
Meaning of “daily default fine”
Consent required for prosecutions
Further provision about proceedings
Financial penalties
Sharing of information by HMRC
Applications in the transitional period: information about land transactions
Requirement for certain unregistered overseas entities to provide information
Section 42: supplementary
Duty to deliver further information for transitional cases
Interpretation
Imposition of unexplained wealth orders on officers etc of property holder: England and Wales and Northern Ireland
Imposition of unexplained wealth orders on officers etc of property holder: Scotland
Alternative test to the income requirement: England and Wales and Northern Ireland
Alternative test to the income requirement: Scotland
Power to extend period for which interim freezing order has effect: England and Wales and Northern Ireland
Power to extend period for which interim freezing order has effect: Scotland
Annual reports on use of unexplained wealth orders: England and Wales
Limits on costs orders in relation to unexplained wealth orders: England and Wales and Northern Ireland
Limits on expenses orders in relation to unexplained wealth orders: Scotland
Imposition of monetary penalties
Procedural rights
Reporting on breach of financial sanctions
Streamlining process of making sanctions regulations
Urgent designation of persons by name
Urgent designation of persons by description
Specified ships
Existing sanctions regulations
Removal of reviews
Removal of reporting requirements
Court reviews: restrictions regarding damages
Sharing of information
Consequential provision
Regulations
Extent
Commencement
Short title
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Commencement Regulations 2022 (opens in a new tab) Primary/Secondary Legislation
- Guidance for leaseholders, landlords and managing agents (opens in a new tab) Detailed Guidance
- Leasehold Reform (Ground Rent) Act 2022 (opens in a new tab) Primary/Secondary Legislation
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Solicitors Regulation Authority
Regulates solicitors and law firms in England and Wales. Sets standards, authorises firms, investigates misconduct, and can impose sanctions including fines and …
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Regulators
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