Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what his planned timetable is for bringing forward further guidance or secondary legislation following Royal Assent of the Economic Crime (Transparency and Enforcement) Act 2022; and what secondary legislation he plans to bring forward.

The Economic Crime (Enforcement and Transparency) Act 2022 contains a number of regulation-making powers which we will use to introduce secondary legislation. Work on drafting secondary legislation and guidance is underway, as is work to implement the new Register of Overseas Entities. The Government has committed to providing Parliament with an update on this work within six weeks. The new Register will be in place as soon as practicably possible and we expect the measures to have an immediate dissuasive effect on those who are intending to buy UK property with illicit funds.