The Economic Crime (Transparency and Enforcement) Act 2022 has recently received Royal Assent and has been given much publicity, especially in the light of the invasion of Ukraine and in the context of sanctions which the government is trying to take against the Russian so-called oligarchs.
In terms of land ownership, the Act seeks to introduce a ‘register of overseas entities’ which, according to the government’s own fact sheet, aims to crack down on foreign criminals using UK property to launder money. One of key provisions is that the new register will require anonymous foreign owners to reveal their real identities to ensure that criminals cannot hide behind secretive chains of shell companies. It is interesting to note that the provisions will apply retrospectively to property which has been bought since January 1999 in England and Wales, and since December 2014 in Scotland.
The Act will apply the measures to foreign owners of UK property,
