Law Society welcomes royal assent of Economic Crime Act

News that the Economic Crime Act has received Royal Assent has been welcomed by the Law Society of England and Wales.

In a recently issued press release the Law Society president I. Stephanie Boyce commented:

“The Economic Crime Act will help the government uncover potential criminal activity in the UK and we welcome the amendments which have improved the legislation for the benefit of consumers and professionals alike.

We support the government’s aim to improve transparency of property ownership in the UK and a new register for overseas entities.

During the Act’s passage through parliament we highlighted ways to strengthen the legislation and address potential gaps with existing regimes.

We are pleased to see that, following the introduction of amendments, many of these have now been taken forward.

The Act now gives investigators much improved ability to shine a light on who the beneficial owner of a UK property is.

We understand the Act needed to be brought in quickly, given the recent events in Ukraine. Further improvements should be possible via implementation of the legislation and related workstreams.

This includes completing the reform of Companies House and resolving some of the tricky issues that remain in the People with Significant Control regime – which enhances the transparency of ultimate ownership of UK companies.

The Law Society is happy to offer our expertise on these matters, to make sure that the Act meets its ambitions.”

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