Have a question?
033 3772 0409

Legal News

Home Secretary announces major reform of anti-money laundering legislation (25 April 2016)

Date: 25/04/2016
Duncan Lewis, Legal News Solicitors, Home Secretary announces major reform of anti-money laundering legislation

The Home Secretary Theresa May has announced the most significant changes to the UK’s anti-money laundering and terrorist finance regime in more than a decade.

Speaking at the 2016 Anti-Corruption Summit in London, the Home Secretary said that the UK would become “a more hostile place” for those seeking to move, hide or use the proceeds of crime or corruption.

The announcement comes three weeks ahead of the Prime Minister’s global anti-corruption summit.

The action plan sets out three priorities, including an enhanced law enforcement response to the threats faced by the UK, to build new capabilities in UK law enforcement agencies – and create tough new legal powers to enable the disruption of criminals and terrorists.

The plan will also reform the supervisory regime to ensure that it is consistent and effective – and brings companies who facilitate or enable money laundering to task.

The UK will also increase the international reach of law enforcement agencies and international information sharing, to tackle money laundering and terrorist financing threats.

As part of the action plan, the government will be seeking the views of law enforcement, professional services firms, NGOs and big businesses as part of a six-week consultation on a raft of measures – including fundamental reform of the suspicious activity reports regime, under which people in the regulated sector must report suspicions of money laundering to the National Crime Agency (NCA). The regime will be refocused to encourage better use of public and private sector resources against the highest threats – and provide the NCA with a new suite of powers, said the government.

There will also be new powers – including unexplained wealth orders (UWO) – requiring those suspected of money laundering to declare their wealth, with the provision of a linked forfeiture power for use where the answers provided are unsatisfactory, or where the subject of a UWO fails to respond.

A new illicit enrichment offence will also be introduced for use when a public official has a significant and inexplicable increase in their assets – and a new administrative power to designate an entity as being of money laundering concern and require the regulated sector to take special measures when dealing with them.

Home Secretary Theresa May said:

“Britain’s world leading financial system is at risk of being undermined by money laundering, illicit finance and the funding of terrorism.

“The laundering of proceeds of crime through UK institutions is not only a financial crime – it fuels political instability around the world, supports terrorists and extremism and poses a direct and immediate threat to our domestic security and our overseas interests.

“This action plan sends a clear message that we will not tolerate this type of activity in our financial institutions.

“We will forge a new partnership with industry to improve suspicious activity reporting, deliver deeper information-sharing and take joint action on enforcement – and we will act vigorously against the criminals and terrorists responsible, to protect the security and prosperity of our citizens, and safeguard the integrity of Britain’s financial economy.”

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of a charge involving business crimes, including investigations into allegations of money laundering – as well as allegations of company fraud, financial fraud, white collar crime, false accounting, phantom companies, embezzlement, investor fraud, online fraud, Ponzi schemes and misrepresentation.

There are Duncan Lewis offices nationwide and a Duncan Lewis business crime solicitor can attend interviews under caution with investigating authorities such as HMRC, SFO, FCA, BIS, Insolvency Service and City of London Police.

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

For 24/7 help at a police station, call the Duncan Lewis 24-Hour Emergency Helpline on 0333 772 0607.

Call us now on 033 3772 0409 or click here to send online enquiry.
Duncan Lewis is the trading name of Duncan Lewis (Solicitors) Limited. Registered Office is Spencer House, 29 Grove Hill Road, Harrow, HA1 3BN. Company Reg. No. 3718422. VAT Reg. No. 718729013. A list of the company's Directors is displayed at the registered offices address. Authorised and Regulated by the Solicitors Regulation Authority . Offices all across London and in major cities in the UK. ©Duncan Lewis >>Legal Disclaimer, Copyright & Privacy Policy. Duncan Lewis do not accept service by email.