By Ellen Wright, Barrister, Trinity Chambers
Introduction
On 1st March 2022, the Government brought forward the tabling of the Economic Crime (Transparency and Enforcement) Bill in light of Russia’s invasion of Ukraine. Just two weeks later, the Bill received Royal Assent and became known as the Economic Crime (Transparency and Enforcement) Act 2022 (‘the Act’).
The Act focusses on three key proposals with the view to tackling economic crime and removing the veil behind which illicitly obtained wealth is hidden namely, the creation of a new register listing overseas owners of UK property, the strengthening of the system of Unexplained Wealth Orders (UWO’s), and the strengthening and simplification of sanctions and enforcement options.
The creation of a new register of overseas owners
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