The Criminal Finances Bill
We explain the new powers and offences proposed for law enforcement agencies to tackle financial crime and highlight the Bill's implications for the private sector.
On 13 October 2016, the Criminal Finances Bill (the Bill) was introduced in the House of Commons. The Bill contains wide ranging measures designed to strengthen the anti-money laundering and counter-terrorist financing regimes and improve the recovery of proceeds of crime. Among the measures proposed are:
- powers to extend the moratorium period to investigate Suspicious Activity Reports (SARs)
- facilitation of information sharing within the regulated sector
- introduction of “Unexplained Wealth Orders”
- extension of the use of disclosure orders, and
- creation of criminal offences for failure to prevent the facilitation of tax evasion.
Each of these proposals is discussed in further detail below. The Bill is due to have its second reading on 25 October 2016, and we will continue to monitor its legislative progress.
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