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Criminal Finance Bill becomes law
19 October 2016
New legislation to tackle money laundering and corruption, recover the proceeds of crime and counter terrorist financing has been published in the form of the Criminal Finances Bill.
Among the measures being introduced is the introduction of a new criminal offence for companies who fail to prevent tax evasion.
The government says the new bill will also strengthen the partnership between the public and private sectors, boosting the fight against illegal activity. The bill enables the sharing of information between regulated companies.
New powers will be created to assist investigations, including a power to extend the moratorium period in which Suspicious Activity Reports (SARs) can be investigated.
Another new measure is the unexplained wealth order, which will force those suspected of serious crime to explain where their wealth has come from, or risk having it seized.
The bill also puts in place an extension of disclosure orders to money laundering and terrorist cases, requiring someone suspected of having information or documents relevant to an investigation to provide it.
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