As part of its response to the Russian invasion of Ukraine, the UK is strengthening the tools available to police and prosecutors seeking to prosecute economic crime, particularly where the accused is a non-UK corporation.
The Economic Crime (Transparency and Enforcement) Bill (the Bill) is being hurried through the UK Parliament this week and is expected to become law later this month. If passed as presently drafted, it will enact three key legislative changes:
- the creation of a public register of beneficial owners of non-UK entities that buy or own land in the UK
- the strengthening of the Unexplained Wealth Order (UWO) regime
- the broadening of sanctions law
These changes represent a seismic shift in the UK’s approach to combatting economic crime. Non-UK entities that own property or other assets in the UK will need to comply with the new rules in a very short timeframe or face wide-ranging penalties. As the Bill passes through Parliament, more amendments are expected, which Sidley is monitoring.
Sidley Austin LLP provides this information as a service to clients and other friends for educational purposes only. It should not be construed or relied on as legal advice or to create a lawyer-client relationship. Readers should not act upon this information without seeking advice from professional advisers.
Attorney Advertising—Sidley Austin LLP, One South Dearborn, Chicago, IL 60603. +1 312 853 7000. Sidley and Sidley Austin refer to Sidley Austin LLP and affiliated partnerships, as explained at www.sidley.com/disclaimer.
© Sidley Austin LLP