Part 2 Meaning of “Beneficial Owner”
Economic Crime (Transparency and Enforcement) Act 2022 (2022 c 10) | Legislation

Part 2 Meaning of “Beneficial Owner”

Introduction

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This Part defines “beneficial owner” for the purposes of this Part of this Act.

Beneficial owners

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A person (“X”) is a “beneficial owner” of an overseas entity or other legal entity (“Y”) if one or more of the following conditions are met.

Ownership of shares
Condition 1 is that X holds, directly or indirectly, more than 25% of the shares in Y.

Voting rights
Condition 2 is that X holds, directly or indirectly, more than 25% of the voting rights in Y.

Right to appoint or remove directors
Condition 3 is that X holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of Y.

Significant influence or control
Condition 4 is that X has the

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