The Criminal Finances Act 2017 and Economic Crime and Corporate Transparency Act 2023 (Consequential Amendments) Regulations 2024
Introduction
The Criminal Finances Act 2017 (CFA) and Economic Crime and Corporate Transparency Act 2023 (ECCTA) are significant pieces of legislation that aim to combat economic crime and enhance corporate transparency in the United Kingdom. The Criminal Finances Act 2017 and Economic Crime and Corporate Transparency Act 2023 (Consequential Amendments) Regulations 2024 (the Regulations) make consequential amendments to these Acts to ensure their effective implementation.
Key Amendments
The Regulations make several important amendments to the CFA and ECCTA, including:
- Register of beneficial owners: The ECCTA introduces a requirement for companies and other legal entities to maintain a register of their beneficial owners, which includes individuals who ultimately own or control the entity. The Regulations amend the CFA to incorporate this requirement and provide for the enforcement of the register.
- Unexplained wealth orders: The CFA provides for the issuance of unexplained wealth orders (UWOs), which give law enforcement the power to investigate and seize assets of individuals who are unable to explain the source of their wealth. The Regulations clarify the criteria for issuing UWOs and provide guidance on the process for obtaining and enforcing them.
- New corporate offenses: The ECCTA creates several new corporate offenses, including failure to prevent facilitation of tax evasion and failure to prevent money laundering. The Regulations amend the CFA to provide for the enforcement of these new offenses.
- Increased penalties: The Regulations increase the maximum penalties for certain offenses under the CFA and ECCTA, including failure to comply with the requirement to maintain a register of beneficial owners.
Implementation
The Regulations came into force on 30 November 2024. They will have a significant impact on companies and other legal entities in the UK, as they will need to comply with the new requirements for maintaining a register of beneficial owners and preventing economic crime.
Conclusion
The Criminal Finances Act 2017 and Economic Crime and Corporate Transparency Act 2023 (Consequential Amendments) Regulations 2024 play a crucial role in strengthening the UK’s response to economic crime and enhancing corporate transparency. They provide clarity on the implementation of the CFA and ECCTA and increase the penalties for non-compliance. By doing so, the Regulations aim to deter economic crime, promote financial integrity, and protect the UK’s financial system.
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