Bryan Shacklady, Counsel, and Joe May, trainee solicitor, at Forsters LLP examine what accountants need to consider if their clients are affected by the Economic Crime Act and how the new legislation will work
In response to the current situation in Ukraine, parliament hastily passed the Economic Crime (Transparency and Enforcement) Act 2022 introducing the register of overseas entities. Broadly speaking, the Act requires the identification of ultimate beneficial owners of UK land, similarly to the persons of significant control regime introduced in relation to UK companies in 2016. The Act also strengthens the unexplained wealth orders regime introduced in 2018 and streamlines the existing arrangements in relation to sanctions.
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