There has been published on website the Criminal Finances Act 2017 (the Act).

The Act contains measures aimed at improving the Government’s ability to recover the proceeds of crime; prevent the financing of terrorism; and tackle money laundering and tax evasion.

The Act is in 4 parts:

  • part 1 deals with 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 ensures that relevant money laundering and asset recovery powers will be extended to apply to investigations under the Terrorism Act 2000 as well as the Proceeds of Crime Act 2002 (POCA);
  • part 3 creates two new corporate offences of failure to prevent facilitation of tax evasion; and
  • part 4 includes minor and consequential amendments to POCA and other enactments.

View Criminal Finances Act 2017, 5 May 2017