Statutory Instruments
2022 No. 638 (C. 34)
Sanctions
The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 2 and Saving Provision) Regulations 2022
Made
9th June 2022
The Treasury, in exercise of the powers conferred by section 69(2) and (5) of the Economic Crime (Transparency and Enforcement) Act 2022( 1 ), make the following Regulations.
Citation and extent
1. —(1) These Regulations may be cited as the Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 2 and Saving Provision) Regulations 2022.
(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Provisions coming into force on 15th June 2022
2. Chapter 1 (monetary penalties) of Part 3 (sanctions) of the Economic Crime (Transparency and Enforcement) Act 2022 comes into force on 15th June 2022.
Saving provision: power of the Treasury to impose monetary penalties for breaching financial sanctions
3. —(1) The amendments to section 146 of the Policing and Crime Act 2017( 2 ) (power to impose monetary penalties) made by section 54 of the Act (which is brought into force by regulation 2) do not apply to a breach of a prohibition, or a failure to comply with an obligation, imposed by or under financial sanctions legislation, which occurred before 15th June 2022.
(2) In this regulation, “ financial sanctions legislation ” has the meaning given by section 143(4) and (4A) of the Policing and Crime Act 2017 ( 3 ).
Amanda Solloway
Rebecca Harris
Two of the Lords Commissioners of Her Majesty’s Treasury
9th June 2022
2017 c. 3 . Section 146 was amended by section 54 of the Economic Crime (Transparency and Enforcement) Act 2022.
Section 143(4)(f) was inserted by the Sanctions and Anti-Money Laundering Act 2018 (c. 13) , Schedule 3, paragraph 8(2); subsection (4A) was inserted by the same Act, Schedule 3, paragraph 8(3).