The Economic Crime (Transparency and Enforcement) Act 2022 has received Royal Assent following a speeded up passage through parliament.

Introduced following Russia’s invasion of Ukraine, the new legislation will mean the government can move more quickly to impose sanctions against oligarchs as well as intensifying UK sanctions enforcement.

A new register of overseas entities, requiring those behind foreign companies which own UK property to register their ownership and identity. The Act covers corporates, partnerships, trusts and other entities, and there will be a six-month window to register property. The government originally set out an 18-month registration period, but this was amended following debate in the House of Commons.