Statutory Instruments
2023 No. 1206 (C. 82)
COMPANIES
PROCEEDS OF CRIME
CRIMINAL LAW
SANCTIONS
The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 1) Regulations 2023
Made
13th November 2023
The Secretary of State makes these Regulations in exercise of the powers conferred by section 219(1) and (9)(a) of the Economic Crime and Corporate Transparency Act 2023( 1 ).
Citation, interpretation and extent
1. —(1) These Regulations may be cited as the Economic Crime and Corporate Transparency Act 2023 (Commencement No. 1) Regulations 2023.
(2) In these Regulations “ the Act ” means the Economic Crime and Corporate Transparency Act 2023 .
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Commencement on 15th November 2023
2. Section 214 (sanctions enforcement: monetary penalties) of the Act comes into force on 15th November 2023 (so far as not already in force).
Commencement on 15th January 2024
3. The following provisions of the Act come into force on 15th January 2024—
(a) section 22 (company names: exceptions based on national security etc);
(b) section 27 (use of names: exceptions based on national security etc);
(c) section 67 (exemption from identity verification: national security grounds);
(d) section 103 (false statement offences: national security etc defence);
(e) section 147 (national security exemption from identity verification);
(f) section 183 (money laundering: exemptions for mixed-property transactions);
(g) section 187 (enhanced due diligence: designation of high-risk countries);
(h) sections 188 to 193 (disclosures to prevent, detect or investigate economic crime etc);
(i) section 211 (Serious Fraud Office: pre-investigation powers);
(j) Schedule 11 (economic crime offences).
Kevin Hollinrake
Parliamentary Under Secretary of State
Department for Business and Trade
13th November 2023