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The Economic Crime (Transparency and Enforcement Act) 2022 became law on 14 March 2022, /having been “fast-tracked” by the UK Government following the Russian invasion of Ukraine.  It contains a number of measures which may impact on the work of accountants and the circumstances of their clients, and this session examines the relevant impact.

Edward Rands covers the following topics during this session:

• Sanctions: The widening of the range of persons upon whom it is possible for the Government to impose sanctions, including the designation of individuals by name or by group, and the availability of “standard” and “urgent” procedures for imposition;
• Penalties for breaches of sanctions: The introduction of a “strict liability” test for determining the applicability of penalties for sanctions breaches;
• Register of Overseas Entities: The new requirement for entities incorporated overseas owning property in the UK to identify their beneficial owners and place details on a public register;
• Extension of the Unexplained Wealth Order regime: The widening of the circumstances in which an Unexplained Wealth Order can be made, and the range of property to which orders can be applied; and
• Practical considerations for accountants: A look at the ways in which the changes might affect clients and the action which accountants need to take.