Question to the Home Office:

To ask His Majesty's Government what plans they have to review the effectiveness of the Economic Crime (Transparency and Enforcement) Act 2022.

The Economic Crime (Transparency and Enforcement) Act 2022 introduced emergency legislation to crack down on Russian dirty money including measures to move faster and harder when imposing sanctions, the creation of a Register of Overseas Entities to help crack down on foreign criminals using UK property to launder money and measures to strengthen the UK’s Unexplained Wealth Order regime to better support law enforcement investigations on property owned by overseas entities.

Government is required to conduct post-legislative scrutiny on legislation within five years. A review and assessment of the effectiveness of this Act will be made within five years of its commencement.

In the interim, Government publishes a report on the number of Unexplained Wealth Orders applied for and obtained annually. This contains a commentary section on the operation of the powers: Unexplained wealth orders: 2022 to 2023 annual report - GOV.UK. The United Nations University World Institute for Development Economics Research (UNU-WIDER) have also written a review on the impact of the measures introducing a Register of Overseas Entities: UNU-WIDER : Working Paper : The end of Londongrad? The impact of beneficial ownership transparency on offshore investment in UK property.