It was a poorly-kept secret that the UK had fast become a haven for ‘dirty money’ flowing in from overseas jurisdictions. The Russian invasion of Ukraine brought this to the forefront of politics.
In a hurried response to the conflict, the government announced the Economic Crime (Transparency and Enforcement) Act 2022 (EC(TE)A 2022), which was expedited through Parliament and came into force on 15 March 2022. EC(TE)A 2022 introduced new powers, which joined the roster of other powers such as unexplained wealth orders (UWOs) and civil orders, and sought to toughen up the existing legislative framework for tackling economic crime.
One of the key changes introduced by EC(TE)A 2022 is the Register of Overseas Entities. Overseas entities that own (from 1 January 1999 in England and Wales) or wish to buy, sell, let or grant security over qualifying property
