Trinity Criminal and Regulatory barrister, Ellen Wright has had her article covering the Economic Crime (Transparency and Enforcement) Act 2022 published in The Barrister Magazine.
The Act, the Royal Assent for which was fast tracked following Russia's invasion of Ukraine, focuses on three key areas to tackle economic crime and removing the veil behind which illicitly obtained wealth is hidden namely, the creation of a new register listing overseas owners of UK property, the strengthening of the system of Unexplained Wealth Orders(UWO’s), and the strengthening and simplification of sanctions and enforcement options.
In the article, Ellen discusses the implications of the imposed register of overseas owners, the increased rigour of the system of UWO’s, the new regime of sanctions and enforcement, as well as the impact of crypto assets.
The article concludes: "it is hoped that the various provisions contained with the Act will shine a light on illicitly obtained wealth in the darkest corners of the UK’s economy creating an environment of transparency in which there is nowhere for such funds to be hidden."
The full article can be found here.