The Economic Crime (Transparency and Enforcement) Act 2022 (c. 10) is an act of Parliament of the United Kingdom, which expands provisions in relation to sanctions and financial crime,[2] that was fast-tracked through Parliament in response to the 2022 Russian invasion of Ukraine.
[3][4] During the 2022 Russian invasion of Ukraine, British law enforcement agencies and transparency campaigners raised concerns about the property market of the United Kingdom being used by criminal organisations and corrupt individuals to commit financial crimes.
[11][12] Part 1 of the act sets up a register of overseas entities, which includes information about their beneficial owners (sections 3 to 32), and which makes provisions designed to compel overseas entities to register if they currently own, or wish to own, land in the United Kingdom (sections 33 and 34).
[13] Part 2 of the act sets out provisions relating to unexplained wealth orders.
[14] The Law Society of England and Wales welcomed the passage of the act.