United Kingdom: Entry into force with grace period Economic Crime and Corporate Transparency Act

On 26 October 2023, the Economic Crime and Corporate Transparency Act received royal assent and entered into force with a grace period. The Act includes provisions addressing economic crime and outlines requirements to increase corporate transparency. The Act includes measures that would grant broader powers to law enforcement authorities, enabling them to confiscate and reclaim cryptoassets that are related to criminal activities such as money laundering, fraud and ransomware attacks. The implementation date of the Act will be established through secondary legislation.