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Economic Crime (Transparency and Enforcement) Act 2022

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This is the original version (as it was originally enacted).

PART 1Meaning of “registrable beneficial owner”

Introduction

1(1)This Part defines “registrable beneficial owner” for the purposes of this Part of this Act.

(2)A registrable beneficial owner may be—

(a)an individual (see paragraph 2),

(b)a legal entity (see paragraph 3), or

(c)a government or public authority (see paragraph 4).

Registrable beneficial owners: individuals

2An individual is a “registrable beneficial owner” in relation to an overseas entity if the individual —

(a)is a beneficial owner of the overseas entity (see Part 2), and

(b)is not exempt from being registered (see Part 4).

Registrable beneficial owners: legal entities

3A legal entity other than a government or public authority is a “registrable beneficial owner” in relation to an overseas entity if it—

(a)is a beneficial owner of the overseas entity (see Part 2),

(b)is subject to its own disclosure requirements (see Part 3), and

(c)is not exempt from being registered (see Part 4).

Registrable beneficial owners: government or public authority

4A government or public authority is a “registrable beneficial owner” in relation to an overseas entity in all cases where it is a beneficial owner of the entity (see Part 2).

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