Criminal Finances Bill And UK Home Office Response Published

 On October 13, 2016, the Criminal Finances Bill was introduced to the UK's House of Commons. The Bill contains provisions concerning the proceeds of crime, amendments to existing legislation concerning investigations, money laundering, civil recovery, and enforcement powers, concerning terrorist property. It also creates a new corporate offence of failure to prevent the facilitation of tax evasion. Alongside the Criminal Finances Bill, the Home Office has published a response to the consultation on the reform of the anti-money laundering and counter-terrorist financing regime (the "Response").

The Response makes a number of proposals, including the introduction of unexplained wealth orders and other forms of civil forfeiture. It also proposes reforms to the regime for Suspicious Activity Reports ("SARs"), as well as proposals for an increase in the information sharing powers within the private sector.