Economic Crime (Transparency and Enforcement) Act 2022

The Economic Crime (Transparency and Enforcement) Act 2022 is a UK law aimed at combating economic crime, particularly money laundering and fraud. It introduces new measures to enhance transparency, such as requiring companies to openly register their owners and source of funds. This helps prevent criminals from hiding their assets. The law also strengthens authorities' powers to seize and recover illicit assets quickly. Overall, it seeks to ensure a more accountable financial system, making it harder for individuals and organizations to engage in or profit from economic crimes.