The government has published a summary of responses to the consultation based on its Action plan for anti-money laundering and counter-terrorist finance, published in April, setting out proposals for reform to address weaknesses identified in the current regime.
The government has published a summary of responses to the consultation based on its Action plan for anti-money laundering and counter-terrorist finance, published in April, setting out proposals for reform to address weaknesses identified in the current regime.
Against this background, the government has introduced the Criminal Finances Bill to Parliament, which amends the Proceeds of Crime Act 2002 (POCA) and includes strengthened law enforcement powers against money laundering and greater scope for recovery of the proceeds of crime. The principal measures are:
improvements to the suspicious activity reports (SARs) regime, including: creating a power for the National Crime Agency to obtain further information from a regulated business following receipt of a SAR; and extending the investigative period in which senior officers primarily from law enforcement agencies can prevent a transaction from going ahead, while they gather the evidence necessary for a law enforcement intervention. The government does not intend to remove the ‘consent’ regime at this stage (under which those who report suspicious activity can claim the defence of acting with consent of the UK Financial Intelligence Unit), but will continue to explore what actions could be taken to prevent its misuse;
introducing unexplained wealth orders, which would require an individual to explain the origin of assets that appear to be disproportionate to his or her known income;
establishing a new information sharing gateway for the exchange of data on suspicions of terrorist financing and money laundering between private sector firms with immunity from civil liability;
introducing tough new civil powers to enable the more effective seizure and forfeiture of criminal proceeds held in bank accounts without the need to secure a conviction; and
a power to enable the seizure and forfeiture of portable high value items used to store and move the proceeds of crime (e.g. gold and precious stones).
The summary of responses does not cover HM Treasury’s August 2015 consultation on options for reform of the supervisory regime for anti-money laundering and terrorist financing, responses to which will be published later this year.
The Criminal Finances Bill is in four parts:
Part 1 deals with the proceeds of crime, money laundering, civil recovery, enforcement powers and related offences and creates a range of new powers for law enforcement agencies to request information and seize monies stored in bank accounts and mobile stores of value.
Part 2 will ensure that relevant money laundering and asset recovery powers will be extended to apply to investigations under the Terrorism Act 2000, as well as POCA 2002.
The government has published a summary of responses to the consultation based on its Action plan for anti-money laundering and counter-terrorist finance, published in April, setting out proposals for reform to address weaknesses identified in the current regime.
The government has published a summary of responses to the consultation based on its Action plan for anti-money laundering and counter-terrorist finance, published in April, setting out proposals for reform to address weaknesses identified in the current regime.
Against this background, the government has introduced the Criminal Finances Bill to Parliament, which amends the Proceeds of Crime Act 2002 (POCA) and includes strengthened law enforcement powers against money laundering and greater scope for recovery of the proceeds of crime. The principal measures are:
improvements to the suspicious activity reports (SARs) regime, including: creating a power for the National Crime Agency to obtain further information from a regulated business following receipt of a SAR; and extending the investigative period in which senior officers primarily from law enforcement agencies can prevent a transaction from going ahead, while they gather the evidence necessary for a law enforcement intervention. The government does not intend to remove the ‘consent’ regime at this stage (under which those who report suspicious activity can claim the defence of acting with consent of the UK Financial Intelligence Unit), but will continue to explore what actions could be taken to prevent its misuse;
introducing unexplained wealth orders, which would require an individual to explain the origin of assets that appear to be disproportionate to his or her known income;
establishing a new information sharing gateway for the exchange of data on suspicions of terrorist financing and money laundering between private sector firms with immunity from civil liability;
introducing tough new civil powers to enable the more effective seizure and forfeiture of criminal proceeds held in bank accounts without the need to secure a conviction; and
a power to enable the seizure and forfeiture of portable high value items used to store and move the proceeds of crime (e.g. gold and precious stones).
The summary of responses does not cover HM Treasury’s August 2015 consultation on options for reform of the supervisory regime for anti-money laundering and terrorist financing, responses to which will be published later this year.
The Criminal Finances Bill is in four parts:
Part 1 deals with the proceeds of crime, money laundering, civil recovery, enforcement powers and related offences and creates a range of new powers for law enforcement agencies to request information and seize monies stored in bank accounts and mobile stores of value.
Part 2 will ensure that relevant money laundering and asset recovery powers will be extended to apply to investigations under the Terrorism Act 2000, as well as POCA 2002.
