The objectives of the Economic Crime (Transparency and Enforcement) Act 2022 are:

(1) to prevent the UK’s property market from being used to safeguard, conceal or launder the proceeds of crime and wealth;

(2) to enable greater transparency of the ultimate owners of properties and assets held in the UK; and

(3) to make it easier for enforcement authorities to strip owners of unlawfully obtained assets. It has been introduced alongside plans to reform and better resource Companies House to increase the transparency of UK corporate.

The three key components tothe Act are:

(1) A new public Register of Overseas Entities (see Technical Alert, 3 August 2022)

(2) Changes to the Unexplained Wealth Order regime

(2) Amendments to UK sanctions