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Economic Crime And Corporate Transparency Act 2023

Contents

Territorial extent and application

Companies House reform

  1. See the table in Annex A for a summary of the position regarding territorial extent and application in the United Kingdom.
  2. Sections 1 to 108, along with accompanying Schedules 1 to 3, of the Act apply and extend to the United Kingdom (but an amendment, repeal or revocation made by the Act has the same extent as the provision amended, repealed or revoked).

Limited partnerships

  1. Sections 109 to 155, along with accompanying Schedules 4 and 5, of the Act apply and extend to the United Kingdom (but an amendment, repeal or revocation made by the Act has the same extent as the provision amended, repealed or revoked).

Register of Overseas Entities

  1. Sections 156 to 178, along with accompanying Schedules 6 and 7, of the Act apply and extend to the United Kingdom.

Cryptoassets

  1. The amendments to POCA to support the recovery of cryptoassets will overall apply and extend to the United Kingdom but Schedule 8 will amend provisions that extend only to England and Wales (Part 1 of the Schedule), Scotland (Part 2 of the Schedule) and Northern Ireland (Part 3 of the Schedule). The amendments in Schedule 9 to Part 5 of POCA will apply and extend to the United Kingdom and certain amendments to Chapter 2 of Part 8 of POCA will extend only to England and Wales and to Chapter 3 of Part 8 of POCA only to Scotland.
  2. Amendments to ATCSA and TACT also apply and extend to the United Kingdom.

Defence Against Money Laundering (DAML)

  1. These provisions will apply across the United Kingdom.

Money laundering: offences of failing to disclose

  1. These provisions will apply across the United Kingdom.

Information Order (IO)

  1. The intention is for the measures relating to IOs to apply and extend to the United Kingdom. The extent provisions are in section 461 POCA and section 130 TACT. The sections relating to IOs have the same extent as those they amend.

Enhanced due diligence: designation of high-risk countries

  1. The High-Risk Third Countries List is enforceable against all persons within the United Kingdom and all relevant persons under the scope of the MLRs based abroad.
  2. The matters to which the provisions of the Act relate are not within the legislative competence of the Scottish Parliament, Senedd Cymru, or the Northern Ireland Assembly.

Information sharing

  1. These provisions will apply and extend to the United Kingdom.

SLAPPs

  1. The territorial extent of these provisions is England and Wales.

FTPF

  1. These provisions will apply across the United Kingdom. Governments of Scotland and Northern Ireland have concurrent powers to amend offences applicable to their jurisdictions. The Secretary of State is required to consult the Governments of Scotland and Northern Ireland before amending the company size threshold or issuing guidance.

IDD

  1. This provision will apply across the United Kingdom. The provision will not have extraterritorial effect except where the underlying offence committed by the senior manager has extraterritorial effect.

Legal services – the removal of the statutory cap on the Law Society’s (as delegated to the SRA) power to issue financial penalties, for disciplinary matters relating to breaches of the economic crime regime

  1. The territorial extent of this measure is England and Wales. A Legislative Consent Motion (LCM) is not needed.

Legal services – SSDT’s financial sanctions in relation to economic crime

  1. The territorial extent of this measure is Scotland.

Legal services – regulatory objective for regulators to promote adherence to economic crime rules and legislation

  1. The territorial extent of this measure is England and Wales. An LCM is not needed.

Legal services – SRA information request powers

  1. The territorial extent of this measure is England and Wales. An LCM is not needed.

Serious Fraud Office – pre investigation powers

  1. The intention is for this measure to extend across the UK. Whilst the Scottish Crown Office and Procurator Fiscal Service has responsibility for the investigation and prosecution of crime in Scotland (including bribery and corruption), the intention is for the measure to extend across the UK to allow the pre-investigation powers to be exercised and enforced in all UK jurisdictions as is currently the position with the existing investigation and pre-investigation powers (see sections 2/2A and 17(2) CJA 1987).

Sanctions enforcement: monetary penalties

  1. These provisions will apply and extend to the United Kingdom. Sanctions measures are enforceable against all persons within the UK and all UK persons abroad. The provisions of Part 1 of the Sanctions and Anti-Money Laundering Act (SAMLA) and regulations made under it can be extended to the Crown Dependencies, with modifications, by Order in Council. Sanctions Orders extend to the Overseas Territories except for Bermuda and Gibraltar who implement the same measures or the Sanctions Order via their own local legislation.
  2. The matters to which the provisions of the Act relate are not within the legislative competence of the Scottish Parliament, Senedd Cymru or the Northern Ireland Assembly. See the table in Annex A for a summary of the position regarding territorial extent and application in the United Kingdom

General provisions

  1. These provisions will apply and extend to the United Kingdom (but an amendment, repeal or revocation made by the Act has the same extent as the provision amended, repealed or revoked).

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