Economic Crime Act brings new measures to uncover crime

News that the Economic Crimes Act has received Royal Assent was welcomed today by the Law Society of England and Wales.

“The Economic Crimes Act will help the government uncover potential criminal activity in the UK and we welcome the amendments which have improved the law to the benefit of consumers and professionals,” said Law Society President I. Stephanie Boyce.

“We support the government’s aim to improve transparency of land ownership in the UK and a new register for foreign entities.

“During the passage of the law by Parliament, we highlighted ways to strengthen the legislation and close potential gaps with existing regimes.

“We are happy to see that following the introduction of amendments, many of them have been implemented.

“The law now gives investigators a much better ability to shed light on the identity of the beneficial owner of property in the UK.

“We understand that the law needed to be introduced quickly, given recent events in Ukraine. Further improvements should be possible through the implementation of the legislation and related work streams.

“This includes completing the reform of Companies House and addressing some of the remaining delicate issues in the regime of persons with significant control – which improves the transparency of the ultimate ownership of UK businesses.

“The Bar is pleased to offer its expertise on these issues, to ensure that the law meets its ambitions.

Notes to Editors

Read the Economic Crime (Transparency and Enforcement) Act 2022

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