Economic Crime (Transparency and Enforcement) Act 2022 · PART 1 Registration of overseas entities

18 Exemptions

s. 18 · in force: yes

Captured statutory text (L5)

18 Exemptions

(1)The Secretary of State may, by giving written notice to a person, exempt the person under this section if satisfied that to do so is necessary—

(a)in the interests of national security;

(b)for the purposes of preventing or detecting serious crime.

(2)The effect of an exemption is that—

(a)overseas entities are not required to take steps or give notices under section 12 in relation to the exempt person,

(b)the exempt person is not required to comply with any notice given by an overseas entity under section 12 or 13 if the exempt person brings the existence of the exemption to the attention of the entity,

(c)a notice given by an overseas entity under section 13 does not require any other person to supply information about the exempt person, and

(d)the exempt person does not count as a registrable beneficial owner in relation to any overseas entity for the purposes of this Part.

(3)For the purposes of subsection (1)(b)—

(a)“crime” means conduct which—

(i)constitutes a criminal offence, or

(ii)is, or corresponds to, any conduct which, if it all took place in any one part of the United Kingdom, would constitute a criminal offence, and

(b)crime is “serious” if—

(i)the offence which is or would be constituted by the conduct is an offence for which the maximum sentence (in any part of the United Kingdom) is imprisonment for 3 years or more, or

(ii)the conduct involves the use of violence, results in substantial financial gain or is conduct by a large number of persons in pursuit of a common purpose.

Full captured verbatim text

(1) The Secretary of State may, by giving written notice to a person, exempt the person under this section if satisfied that to do so is necessary—

(a) in the interests of national security;

(b) for the purposes of preventing or detecting serious crime.

(2) The effect of an exemption is that—

(a) overseas entities are not required to take steps or give notices under section 12 in relation to the exempt person,

(b) the exempt person is not required to comply with any notice given by an overseas entity under section 12 or 13 if the exempt person brings the existence of the exemption to the attention of the entity,

(c) a notice given by an overseas entity under section 13 does not require any other person to supply information about the exempt person, and

(d) the exempt person does not count as a registrable beneficial owner in relation to any overseas entity for the purposes of this Part.

(3) For the purposes of subsection (1)(b)—

(a) “crime” means conduct which—

(i) constitutes a criminal offence, or

(ii) is, or corresponds to, any conduct which, if it all took place in any one part of the United Kingdom, would constitute a criminal offence, and

(b) crime is “serious” if—

(i) the offence which is or would be constituted by the conduct is an offence for which the maximum sentence (in any part of the United Kingdom) is imprisonment for 3 years or more, or

(ii) the conduct involves the use of violence, results in substantial financial gain or is conduct by a large number of persons in pursuit of a common purpose.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

The Secretary of State may grant written exemptions on national security or serious crime grounds, relieving section 12 and 13 duties.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

cross-reference internal_cite · s. 12

cross-reference internal_cite · s. 13

cross-reference internal_cite · s. 18

Referred to by

cross-reference internal_cite · s. 1

cross-reference internal_cite · s. 18

Part summaries

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Verification findings (173)

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Instrument tier unavailable

Change history as published

S. 29 omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

S. 29A omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

Pending effects amendments not yet applied to this text

No captured pending effects.

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2022/10
Part: PART 1 Registration of overseas entities
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 558331afc9febd2ed7a9b1f1…
Source: legislation.gov.uk/ukpga/2022/10