There has been published on the parliament.uk website, the Criminal Finances Bill (the Bill) together with an explanatory note. The Bill is a key part of the Government’s action plan for anti-money laundering and counter terrorist financing which we blogged yesterday.
The Bill 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 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 the Proceeds of Crime Act 2002 (POCA);
- part 3 will create two new corporate offences of failure to prevent facilitation of tax evasion; and
- part 4 include minor and consequential amendments to POCA and other enactments.
View Parliament (House of Commons): New bill: Criminal Finances Bill 2016-17,13 October 2016