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Economic Crime (Transparency And Enforcement) Act 2022

Contents

Part 4 - General 

Section 67: Regulations 

  1. This section sets out general provisions for regulations that may be made under the Act. A power to make regulations will be exercisable by statutory instrument. Regulations may make different provisions for different purposes; they may include supplementary, incidental and consequential provisions; and they may make transitional provision and savings. Subsections (4) and (5) give detail on what is meant by affirmative and negative resolution procedures. Subsection (6) provides that provisions made by regulations under the Act that are subject to the negative resolution procedure may also be made by regulations subject to the affirmative resolution procedure.

Section 68: Extent 

  1. This section sets out that the whole Act extends to England and Wales, Scotland and Northern Ireland except for: 
    1. Part 1 –
      1. Section 33(1) and Schedule 3 extend to England and Wales only 
      2. Section 33(2) and Parts 1 and 2 of Schedule 4 extend to Scotland only 
      3. Section 33(3) to (7) and Schedule 5 extend to Northern Ireland only  
    2. Part 2, section 51 extends to England and Wales only
  2. The amendments made by Part 2 (unexplained wealth orders) and Part 3 (sanctions) have the same extent as the provisions amended by those Parts. 

Section 69: Commencement 

  1. This section provides when provisions of the Act come into force. For Parts 1 and 2, the Secretary of State may appoint the day of coming into force by making regulations. Chapter 1 of Part 3 may be commenced in the same manner by the Treasury. Chapter 2 of Part 3 comes into force on the day the Act is passed.
  2. Subsection (4) states that the Secretary of State may make regulations which have transitional or saving provision in connection with Parts 1 and 2 coming into force. Subsection (5) provides the same for the Treasury and Part 3. These regulations may make different provisions for different purposes and are exercisable by statutory instrument.

Section 70: Short title 

  1. This section provides that, when enacted, the Act may be cited as the Economic Crime (Transparency and Enforcement) Act 2022. 

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