Legal News

The Home Office and Scotland Office have announced new legislation to tackle money laundering and corruption, recover the proceeds of crime and counter-terrorist financing.

Law enforcement agencies will be given new powers to seize the proceeds of crime and demand criminals explain the origins of their wealth under new legislation – The Criminal Finances Bill – published on Thursday (13/10/16).

The Criminal Finances Bill will also strengthen the partnership between the public and private sectors, boosting the fight against illegal activity.

Among the measures being introduced are unexplained wealth orders, which will force those suspected of serious crime to explain where their wealth has come from, or risk having it seized.

The government says that unexplained wealth orders will improve the recovery of illicit funds – and prevent the UK being used as a safe haven for the proceeds of international corruption.

Criminals will no longer be able to keep the proceeds of crime out of the reach of law enforcement by hiding them in assets which officers currently cannot seize.

Under the Bill, officers will be able to seize a range of items, including precious metals and stones and works of art. Officers will also be able to take swift and effective action to forfeit criminal or terrorist funds held in bank accounts.

Security Minister Ben Wallace said:

“The UK is one of the best places in the world to do business – but it will only stay that way if we take steps to protect the integrity of our financial system and the security of our citizens.

“We will not stand by and watch criminals use the UK to launder their dirty money or fund terrorism.

“This legislation will ensure the UK is taking a world-leading role in cracking down on corruption and send a clear message to criminals – we will take your liberty and your money.”

CEO of the British Bankers’ Association, Anthony Browne, added:

“Criminals exploit financial transactions to serve their wicked ends – in an ever growing digital world, they continually try to find new ways in which money can enter and leave the economy looking legitimate.

“Reforms are needed to protect individual victims and the economy – the Criminal Finances Bill provides an opportunity for the public and private sectors to get ahead of the criminals and clamp down further on money laundering and corruption.”

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of a charge or investigation into business crimes, including charges relating to money laundering, hidden assets, investment crime, misrepresentation, fraud, false accounting, embezzlement, breaches of Restrictions Orders, tax and VAT evasion, white collar crime, and funding terrorism.

There are Duncan Lewis offices across England and Wales – and Duncan Lewis can also liaise with investigating authorities such as Trading Standards, Insolvency Service, HMRC, SFO, FCA, and City of London Police.

Duncan Lewis can also advise on Confiscation Orders under the Proceeds of Crime Act.

For expert legal advice on proceeds of crime and business crime charges, call Duncan Lewis business crime solicitors on 0333 772 0409.