Part 3 – Register of Overseas Entities Miscellaneous Section 175: Financial penalties: interaction with offences
This section provides that regulations must provide that no financial penalty may be imposed on a person in respect of whom criminal proceedings are ongoing; at the moment it is the other way around so that criminal proceedings cannot be continued once a penalty is imposed.
	The purpose of this amendment to section 39 of the Economic Crime (Transparency and Enforcement) Act 2022 (ECTE Act 2022) is to make clear that once criminal proceedings are underway in a case brought under the ECTE Act 2022, no financial penalty may be imposed. This ensures that criminal proceedings are not inadvertently compromised by the imposition of a financial penalty.