The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No 3) Regulations, SI 2022/876, bring most of the provisions of Part 1 of the 2022 Act, which establishes the register of overseas entities, into force on 1 August 2022.
Part 1 also sets out requirements for registration of overseas entities and identification of registrable beneficial owners, various administrative requirements for the registrar, the general right to inspect the register, confidentiality requirements and penalties.
Sections 7 to 11 of the Act, which deal with the duty to update the register every 12 months and applications for removal from the register, have not yet been brought into force.
Provisions relating to land transactions and registration of land will come into force on 5 September 2022.
The Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations, SI 2022/870, have also been published. These regulations set out the following three key points in relation to the register and also come into force on 1 August 2022:
overseas entities will be required to deliver certain information to the registrar by electronic means;
beneficial owners and managing officers will be able to apply to have their details protected from disclosure and from inclusion in the register if they or someone who lives with them are at serious risk of violence or intimidation; and
where corporate trustees fall within the definition of registrable beneficial owner, overseas entities will need to take reasonable steps to obtain and provide the required information about those trusts to the registrar - the aim here is to provide greater transparency about the true owners and beneficiaries, reflecting the position where trustees are individuals.
Other Parts of the Act have already been brought into force:
Part 2 (unexplained wealth orders) with effect from 15 May 2022 (SI 2022/519); and
Part 3 Chapter 1 (sanctions) with effect from 15 June 2022 (SI 2022/638).
The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No 3) Regulations, SI 2022/876, bring most of the provisions of Part 1 of the 2022 Act, which establishes the register of overseas entities, into force on 1 August 2022.
Part 1 also sets out requirements for registration of overseas entities and identification of registrable beneficial owners, various administrative requirements for the registrar, the general right to inspect the register, confidentiality requirements and penalties.
Sections 7 to 11 of the Act, which deal with the duty to update the register every 12 months and applications for removal from the register, have not yet been brought into force.
Provisions relating to land transactions and registration of land will come into force on 5 September 2022.
The Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations, SI 2022/870, have also been published. These regulations set out the following three key points in relation to the register and also come into force on 1 August 2022:
overseas entities will be required to deliver certain information to the registrar by electronic means;
beneficial owners and managing officers will be able to apply to have their details protected from disclosure and from inclusion in the register if they or someone who lives with them are at serious risk of violence or intimidation; and
where corporate trustees fall within the definition of registrable beneficial owner, overseas entities will need to take reasonable steps to obtain and provide the required information about those trusts to the registrar - the aim here is to provide greater transparency about the true owners and beneficiaries, reflecting the position where trustees are individuals.
Other Parts of the Act have already been brought into force:
Part 2 (unexplained wealth orders) with effect from 15 May 2022 (SI 2022/519); and
Part 3 Chapter 1 (sanctions) with effect from 15 June 2022 (SI 2022/638).
