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Economic Crime (Transparency and Enforcement) Bill

Volume 709: debated on Tuesday 1 March 2022

Following the announcement made by the Prime Minister in his statement on Thursday 24 February in response to Russia’s invasion of Ukraine, the Government are today introducing the Economic Crime (Transparency and Enforcement) Bill. The introduction of these measures will enable us to counter illicit financial activity from Russia, enforce sanctions and help in the wider fight against grand corruption and serious crime.

The Bill has three key components:

The introduction of a Register of Overseas Entities (ROE) to require anonymous foreign owners of UK property to reveal their real identities to help address risks of money laundering through our property market.

Reforms to the Unexplained Wealth Order (UWO) powers, which will enable our law enforcement agencies to take more effective action against corrupt elites and criminals, compelling them to prove the origins of their funds in the UK.

Changes to the current sanctions regime to enhance financial sanctions enforcement.

These new measures will be followed up with a further economic crime Bill which will be introduced in the coming months.