The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 2 and Saving Provision) Regulations 2022

• Citation: S.I. 2022/638
• Sections: 3

Section 1 Citation and extent

(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.

Section 2 Provisions coming into force on 15th June 2022

Chapter 1 (monetary penalties) of Part 3 (sanctions) of the Economic Crime (Transparency and Enforcement) Act 2022 comes into force on 15th June 2022.

Section 3 Saving provision: power of the Treasury to impose monetary penalties for breaching financial sanctions

(1) The amendments to section 146 of the Policing and Crime Act 2017 (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 .