Economic Crime and Corporate Transparency Act 2023 in Scotland

2023 c. 56 · Enacted 26 October 2023 · Extends to United Kingdom

Contents

1. Part 1: Companies etc
2. The registrar of companies
3. 1The registrar’s objectives
4. Company formation
5. 2Statement as to lawful purposes
6. 3Information about subscribers
7. 4Proposed officers: identity verification
8. 5Proposed officers: disqualification
9. 6Persons with initial significant control: disqualification
10. 7Persons with initial significant control: identity verification
11. Company names
12. 8Names for criminal purposes
13. 9Names suggesting connection with foreign governments etc
14. 10Names containing computer code
15. 11Prohibition on re-registering name following direction
16. 12Prohibition on using name that another company has been directed to change
17. 13Directions to change name: period for compliance
18. 14Requirements to change name: removal of old name from public inspection
19. 15Objections to company’s registered name
20. 16Misleading indication of activities
21. 17Direction to change name used for criminal purposes
22. 18Direction to change name wrongly registered
23. 19Registrar’s power to change names containing computer code
24. 20Registrar’s power to change company’s name for breach of direction
25. 21Sections 19 and 20: consequential amendments
26. 22Company names: exceptions based on national security etc
27. Business names
28. 23Use of name suggesting connection with foreign governments etc
29. 24Use of name giving misleading indication of activities
30. 25Use of name that a company has been required to change
31. 26Use of name that another company has been required to change
32. 27Use of names: exceptions based on national security etc
33. Registered offices
34. 28Registered office: appropriate address
35. Registered email addresses
36. 29Registered email addresses etc
37. 30Registered email addresses: transitional provision
38. Disqualification in relation to companies
39. 31Disqualification for persistent breaches of companies legislation: GB
40. 32Disqualification for persistent breaches of companies legislation: NI
41. 33Disqualification on summary conviction: GB
42. 34Disqualification on summary conviction: NI
43. 35Power to impose director disqualification sanctions
44. 36Disqualification of persons designated under sanctions legislation: GB
45. 37Section 36: application to other bodies
46. 38Disqualification of persons designated under sanctions legislation: NI
47. 39Section 38: application to other bodies
48. Directors
49. 40Disqualified directors
50. 41Section 40: amendments to clarify existing corresponding provisions
51. 42Repeal of power to require additional statements
52. 43Prohibition on director acting unless ID verified
53. 44Prohibition on acting unless directorship notified
54. 45Registrar’s power to change a director’s service address
55. Register of members
56. 46Register of members: information to be included and powers to obtain it
57. 47Additional ground for rectifying the register of members
58. 48Register of members: protecting information
59. 49Register of members: removal of option to use central register
60. 50Membership information: one-off statement
61. Registration of directors, secretaries and persons with significant control
62. 51Abolition of local registers etc
63. 52Protection of date of birth information
64. Accounts and reports
65. 53Filing obligations of micro-entities
66. 54Filing obligations of small companies other than micro-entities
67. 55Sections 53 and 54: consequential amendments
68. 56Use or disclosure of profit and loss accounts for certain companies
69. 57Statements about exemption from audit requirements
70. 58Removal of option to abridge Companies Act accounts
71. Confirmation statements
72. 59Confirmation statements
73. 60Duty to confirm lawful purposes
74. 61Duty to notify a change in company’s principal business activities
75. 62Duty to deliver information about exemption from Part 21A
76. 63Confirmation statements: offences
77. Identity verification
78. 64Identity verification of persons with significant control
79. 65Procedure etc for verifying identity
80. 66Authorisation of corporate service providers
81. 67Exemption from identity verification: national security grounds
82. 68Allocation of unique identifiers
83. 69Identity verification: material unavailable for public inspection
84. Striking off and restoration to the register
85. 70Registrar’s power to strike off company registered on false basis
86. 71Requirements for administrative restoration
87. Who may deliver documents
88. 72Delivery of documents: identity verification etc
89. 73Disqualification from delivering documents
90. 74Proper delivery: requirements about who may deliver documents
91. Facilitating electronic delivery
92. 75Delivery of documents by electronic means
93. 76Delivery of order confirming reduction of share capital
94. 77Delivery of statutory declaration of solvency
95. 78Registrar’s rules requiring documents to be delivered together
96. Promoting the integrity of the register
97. 79Power to reject documents for inconsistencies
98. 80Informal correction of document
99. 81Preservation of original documents
100. 82Records relating to dissolved companies etc
101. 83Power to require additional information
102. 84Registrar’s notice to resolve inconsistencies
103. 85Administrative removal of material from the register
104. 86Rectification of the register under court order
105. 87Power to require businesses to report discrepancies
106. Inspection etc of the register
107. 88Inspection of the register: general
108. 89Copies of material on the register
109. 90Material not available for public inspection
110. 91Protecting information on the register
111. Registrar's functions and fees
112. 92Analysis of information for the purposes of crime prevention or detection
113. 93Fees: costs that may be taken into account
114. Information sharing and use
115. 94Disclosure of information
116. 95Use or disclosure of directors’ address information by companies
117. 96Use or disclosure of PSC information by companies
118. 97Use of directors’ address information by registrar
119. Overseas companies
120. 98Change of addresses of officers of overseas companies by registrar
121. 99Overseas companies: availability of material for public inspection etc
122. 100Registered addresses of an overseas company
123. 101Overseas companies: identity verification of directors
124. General offences and enforcement
125. 102General false statement offences
126. 103False statement offences: national security etc defence
127. 104Financial penalties
128. Rectification of addresses and service of documents
129. 105Registered office: rectification of register
130. 106Rectification of register: service addresses
131. 107Rectification of register: principal office addresses
132. 108Service of documents on people with significant control
133. Part 2: Partnerships
134. Chapter 1: Limited partnerships etc.
135. Meaning of “limited partnership”
136. 109Meaning of “limited partnership”
137. Required information about limited partnerships
138. 110Required information about partners
139. 111Required information about partners: transitional provision
140. 112Details about general nature of partnership business
141. Registered offices
142. 113A limited partnership’s registered office
143. 114A limited partnership’s registered office: transitional provision
144. 115A limited partnership’s registered office: consequential amendments
145. Registered email addresses
146. 116A limited partnership’s registered email address
147. 117A limited partnership’s registered email address: transitional provision
148. The general partners
149. 118Restrictions on general partners
150. 119Officers of general partners
151. 120Officers of general partners: transitional provision
152. Removal of option to authenticate application by signature
153. 121Removal of option to authenticate application by signature
154. Changes in partnerships
155. 122Notification of information about partners
156. 123New partners: transitional provision about required information
157. 124New general partners: transitional provision about officers
158. 125Notification of other changes
159. 126Confirmation statements
160. 127Confirmation statements: Scottish partnerships
161. Accounts
162. 128Power for HMRC to obtain accounts
163. Dissolution, winding up and sequestration
164. 129Dissolution and winding up: modifications of general law
165. 130Dissolution by the court when a partner has a mental disorder
166. 131Winding up limited partnerships on grounds of public interest
167. 132Winding up dissolved limited partnerships
168. 133Power to make provision about winding up
169. 134Winding up of limited partnerships: concurrent proceedings
170. 135Sequestration of limited partnerships: concurrent winding up proceedings
171. The register of limited partnerships
172. 136The register of limited partnerships
173. 137Material not available for public inspection
174. 138Records relating to dissolved or deregistered limited partnerships
175. Disclosure of information
176. 139Disclosure of information about partners
177. The registrar's role relating to dissolution, revival and deregistration
178. 140Duty to notify registrar of dissolution
179. 141Registrar’s power to confirm dissolution of limited partnership
180. 142Registrar’s power to confirm dissolution: transitional provision
181. 143Voluntary deregistration of limited partnership
182. 144Removal of limited partnership from index of names
183. Delivery of documents
184. 145Delivery of documents relating to limited partnerships
185. 146General false statement offences
186. National security exemption from identity verification
187. 147National security exemption from identity verification
188. Service on a limited partnership
189. 148Service on a limited partnership
190. Application of other laws
191. 149Application of company law
192. 150Application of Partnership Act 1890 (meaning of firm)
193. Regulations
194. 151Limited partnerships: regulations
195. Further amendments
196. 152Limited partnerships: further amendments
197. Chapter 2: Miscellaneous provision about partnerships
198. 153Registration of qualifying Scottish partnerships
199. 154Power to amend disqualification legislation in relation to relevant entities: GB
200. 155Power to amend disqualification legislation in relation to relevant entities: NI
201. Part 3: Register of overseas entities
202. The register and registration
203. 156Register of overseas entities
204. 157Required information about overseas entities: address information
205. 158Registration of information about land
206. 159Registration of information about trusts
207. 160Registration of information about managing officers: age limits
208. 161Registrable beneficial owners: cases involving trusts
209. 162Registrable beneficial owners: nominees
210. 163Information about changes in beneficiaries under trusts
211. 164Applications for removal
212. 165Verification of registrable beneficial owners and managing officers
213. Inspection of the register and protection of information
214. 166Material unavailable for public inspection: verification information
215. 167Material unavailable for public inspection
216. 168Protection of information
217. Correction or removal of material on the register
218. 169Resolving inconsistencies in the register
219. 170Administrative removal of material from register
220. Offences
221. 171False statement offences in connection with information notices
222. 172General false statement offences
223. 173Enforcement of requirement to register: updated language about penalties etc
224. Miscellaneous
225. 174Overseas entities: further information for transitional cases
226. 175Financial penalties: interaction with offences
227. 176Meaning of “service address”
228. 177Meaning of “registered overseas entity” in land registration legislation
229. 178Power to apply Part 1 amendments to register of overseas entities
230. Part 4: Cryptoassets
231. 179Cryptoassets: confiscation orders
232. 180Cryptoassets: civil recovery
233. 181Cryptoassets: terrorism
234. Part 5: Miscellaneous
235. Money laundering and terrorist financing
236. 182Money laundering: exiting and paying away exemptions
237. 183Money laundering: exemptions for mixed-property transactions
238. 184Money laundering: offences of failing to disclose
239. 185Money laundering: information orders
240. 186Terrorist financing: information orders
241. 187Enhanced due diligence: designation of high-risk countries
242. Disclosures to prevent, detect or investigate economic crime etc
243. 188Direct disclosures of information: restrictions on civil liability
244. 189Indirect disclosure of information: restrictions on civil liability
245. 190Meaning of “privileged disclosure”
246. 191Meaning of “relevant actions”
247. 192Meaning of “business relationship”
248. 193Other defined terms in sections 188 to 191
249. ...
250. 196Attributing criminal liability for economic crimes to certain bodies Repealed
251. 197Power to amend list of economic crimes Repealed
252. 198Offences under section 196 committed by partnerships Repealed
253. Failure to prevent fraud
254. 199Failure to prevent fraud
255. 200Fraud offences: supplementary
256. 201Section 199: large organisations
257. 202Large organisations: parent undertakings
258. 203Offences under section 199 committed by partnerships
259. 204Guidance about preventing fraud offences
260. 205Failure to prevent fraud: minor definitions
261. 206Failure to prevent fraud: miscellaneous
262. Regulatory and investigatory powers
263. 207Law Society: powers to fine in cases relating to economic crime
264. 208Scottish Solicitors’ Discipline Tribunal: powers to fine in cases relating to economic crime
265. 209Regulators of legal services: objective relating to economic crime
266. 210Approved regulators: information powers relating to economic crime
267. 211Serious Fraud Office: pre-investigation powers
268. Reports on payments to governments
269. 212Reports on payments to governments regulations: false statement offences etc
270. Reports on implementation
271. 213Reports on the implementation and operation of Parts 1 to 3
272. Sanctions enforcement: monetary penalties
273. 214Sanctions enforcement: monetary penalties
274. Report on costs orders for proceedings for civil recovery
275. 215Report on costs orders for proceedings for civil recovery
276. Part 6: General
277. 216Power to make consequential provision
278. 217Regulations
279. 218Extent
280. 219Commencement
281. 220Transitional provision
282. 221Short title
283. Schedule 1: Register of members: consequential amendments
284. 1Paragraph 1
285. 2Paragraph 2
286. 3Paragraph 3
287. 4Paragraph 4
288. 5Paragraph 5
289. 6Paragraph 6
290. 7Paragraph 7
291. 8Paragraph 8
292. 9Paragraph 9
293. 10Paragraph 10
294. 11Paragraph 11
295. 12Paragraph 12
296. 13Paragraph 13
297. 14Paragraph 14
298. 15Paragraph 15
299. 16Paragraph 16
300. 17Paragraph 17
301. 18Paragraph 18
302. 19Paragraph 19
303. 20Paragraph 20
304. 21Paragraph 21
305. 22Paragraph 22
306. 23Paragraph 23
307. 24Paragraph 24
308. 25Paragraph 25
309. Schedule 2: Abolition of certain local registers
310. Part 1: Register of directors
311. 1Paragraph 1
312. 2Paragraph 2
313. 3Paragraph 3
314. Part 2: Register of secretaries
315. 4Paragraph 4
316. 5Paragraph 5
317. 6Paragraph 6
318. Part 3: Register of people with significant control
319. 7Paragraph 7
320. 8Paragraph 8
321. 9Paragraph 9
322. 10Paragraph 10
323. 11Paragraph 11
324. 11Paragraph 11
325. 12Paragraph 12
326. 13Paragraph 13
327. 14Paragraph 14
328. 15Paragraph 15
329. 16Paragraph 16
330. 17Paragraph 17
331. 18Paragraph 18
332. 19Paragraph 19
333. 20Paragraph 20
334. Part 4: Consequential amendments
335. 21Paragraph 21
336. 22Paragraph 22
337. 23Paragraph 23
338. 24Paragraph 24
339. 25Paragraph 25
340. 26Paragraph 26
341. 27Paragraph 27
342. 28Paragraph 28
343. 29Paragraph 29
344. 30Paragraph 30
345. 31Paragraph 31
346. 32Paragraph 32
347. Schedule 3: Disclosure of information: consequential amendments
348. 1Companies Act 2006
349. 2Companies Act 2006
350. 3Companies Act 2006
351. 4Economic Crime (Transparency and Enforcement) Act 2022
352. 5Economic Crime (Transparency and Enforcement) Act 2022
353. 6Economic Crime (Transparency and Enforcement) Act 2022
354. Schedule 4Required information
355. Schedule 5: Limited partnerships: consequential amendments
356. 1Paragraph 1
357. 2Paragraph 2
358. 3Paragraph 3
359. 4Paragraph 4
360. 5Paragraph 5
361. 6Paragraph 6
362. Schedule 6: Duty to deliver information about changes in beneficiaries
363. 1Paragraph 1
364. 2Paragraph 2
365. 3Paragraph 3
366. 4Paragraph 4
367. 5Paragraph 5
368. 6Paragraph 6
369. 7Paragraph 7
370. 8Paragraph 8
371. Schedule 7: Overseas entities: further information for transitional cases
372. 1Paragraph 1
373. 2Paragraph 2
374. 3Paragraph 3
375. 4Paragraph 4
376. Schedule 8: Cryptoassets: confiscation orders
377. Part 1: England and Wales
378. 1Introductory
379. 2Seizure of property
380. 3Seizure of property
381. 4Seizure of property
382. 5Detention and release of property
383. 6Detention and release of property
384. 7Detention and release of property
385. 8Detention and release of property
386. 9Property held by persons subject to confiscation orders: destruction, realisation etc
387. 10Property held by persons subject to confiscation orders: destruction, realisation etc
388. 11Property held by persons subject to confiscation orders: destruction, realisation etc
389. 12Property held by persons subject to confiscation orders: destruction, realisation etc
390. 13Property held by persons subject to confiscation orders: destruction, realisation etc
391. 14Property held by persons subject to confiscation orders: destruction, realisation etc
392. 15Property held by persons subject to confiscation orders: destruction, realisation etc
393. 16Property held by persons subject to confiscation orders: destruction, realisation etc
394. 17Property held by persons subject to confiscation orders: destruction, realisation etc
395. 18Interpretation and miscellaneous provision
396. Part 2: Scotland
397. 19Introductory
398. 20Seizure of property
399. 21Seizure of property
400. 22Seizure of property
401. 23Detention and release of property
402. 24Detention and release of property
403. 25Detention and release of property
404. 26Detention and release of property
405. 27Property held by persons subject to confiscation orders: destruction, realisation etc
406. 28Property held by persons subject to confiscation orders: destruction, realisation etc
407. 29Property held by persons subject to confiscation orders: destruction, realisation etc
408. 30Property held by persons subject to confiscation orders: destruction, realisation etc
409. 31Property held by persons subject to confiscation orders: destruction, realisation etc
410. 32Property held by persons subject to confiscation orders: destruction, realisation etc
411. 33Property held by persons subject to confiscation orders: destruction, realisation etc
412. 34Property held by persons subject to confiscation orders: destruction, realisation etc
413. 35Property held by persons subject to confiscation orders: destruction, realisation etc
414. 36Interpretation and miscellaneous provision
415. Part 3: Northern Ireland
416. 37Introductory
417. 38Seizure of property
418. 39Seizure of property
419. 40Seizure of property
420. 41Detention and release of property
421. 42Detention and release of property
422. 43Detention and release of property
423. 44Detention and release of property
424. 45Property held by persons subject to confiscation orders: destruction, realisation etc
425. 46Property held by persons subject to confiscation orders: destruction, realisation etc
426. 47Property held by persons subject to confiscation orders: destruction, realisation etc
427. 48Property held by persons subject to confiscation orders: destruction, realisation etc
428. 49Property held by persons subject to confiscation orders: destruction, realisation etc
429. 50Property held by persons subject to confiscation orders: destruction, realisation etc
430. 51Property held by persons subject to confiscation orders: destruction, realisation etc
431. 52Property held by persons subject to confiscation orders: destruction, realisation etc
432. 53Property held by persons subject to confiscation orders: destruction, realisation etc
433. 54Interpretation and miscellaneous provision
434. Part 4: Regulations
435. 55Paragraph 55
436. Schedule 9: Cryptoassets: civil recovery
437. Part 1: Amendments of Part 5 of the Proceeds of Crime Act 2002
438. 1Paragraph 1
439. Part 2: Consequential and other amendments
440. 2Amendments to the Proceeds of Crime Act 2002
441. 3Amendments to the Proceeds of Crime Act 2002
442. 4Amendments to the Proceeds of Crime Act 2002
443. 5Amendments to the Proceeds of Crime Act 2002
444. 6Amendments to the Proceeds of Crime Act 2002
445. 7Amendments to the Proceeds of Crime Act 2002
446. 8Amendments to the Proceeds of Crime Act 2002
447. 9Amendments to the Proceeds of Crime Act 2002
448. 10Amendments to the Proceeds of Crime Act 2002
449. 11Amendments to the Proceeds of Crime Act 2002
450. 12Amendments to the Proceeds of Crime Act 2002
451. 13Amendments to the Proceeds of Crime Act 2002
452. 14Amendments to the Proceeds of Crime Act 2002
453. 15Amendments to the Proceeds of Crime Act 2002
454. 16Amendments to the Civil Jurisdiction and Judgments Act 1982
455. 17Amendments to the UK Borders Act 2007
456. Schedule 10: Cryptoassets: terrorism
457. Part 1: Amendments to the Anti-terrorism, Crime and Security Act 2001
458. 1Paragraph 1
459. 2Paragraph 2
460. 3Paragraph 3
461. 4Paragraph 4
462. 5Paragraph 5
463. Part 2: Amendments to the Terrorism Act 2000
464. 6Paragraph 6
465. 7Paragraph 7
466. 8Paragraph 8
467. Schedule 11: Economic crime offences
468. 1Common law offences
469. 2Common law offences
470. 3Common law offences
471. 4Statutory offences
472. 5Statutory offences
473. 6Statutory offences
474. 7Statutory offences
475. 8Statutory offences
476. 9Statutory offences
477. 10Statutory offences
478. 11Statutory offences
479. 12Statutory offences
480. 13Statutory offences
481. 14Statutory offences
482. 15Statutory offences
483. 16Statutory offences
484. 17Statutory offences
485. 18Statutory offences
486. 19Statutory offences
487. 20Statutory offences
488. 21Statutory offences
489. 22Statutory offences
490. Schedule 12: Criminal liability of bodies: economic crimes Repealed
491. 1Common law offences Repealed
492. 2Common law offences Repealed
493. 3Common law offences Repealed
494. 4Statutory offences Repealed
495. 5Statutory offences Repealed
496. 6Statutory offences Repealed
497. 7Statutory offences Repealed
498. 8Statutory offences Repealed
499. 9Statutory offences Repealed
500. 10Statutory offences Repealed
501. 11Statutory offences Repealed
502. 12Statutory offences Repealed
503. 13Statutory offences Repealed
504. 14Statutory offences Repealed
505. 15Statutory offences Repealed
506. 16Statutory offences Repealed
507. 17Statutory offences Repealed
508. 18Statutory offences Repealed
509. 19Statutory offences Repealed
510. 20Statutory offences Repealed
511. Schedule 13: Failure to prevent fraud: fraud offences
512. 1Common law offences
513. 2Paragraph 2
514. 3Statutory offences
515. 4Paragraph 4
516. 5Paragraph 5
517. 6Paragraph 6