25 Apr The Criminal Finances Bill – the buck stops at the top!
(ii) creates unexplained wealth orders requiring those suspected of corruption to explain the sources of their wealth, helping to facilitate the recovery of illicit wealth and stopping criminals using the UK as a safe haven for the proceeds of international corruption. These unexplained wealth orders will be the subject of a separate article in due course.
B Information Sharing between Public and Private Sectors
The Bill enables information sharing between regulated companies with a view to maintaining the best possible intelligence for investigation by law enforcement agencies.
Coupled with this development is the intention to strengthen the SAR regime by providing a power to extend the moratorium period. In addition, the NCA may obtain new powers to request information from regulated companies.
C Criminal Offences of failing to prevent tax evasion together with enhanced regime for disclosure orders in money laundering investigations
The Bill creates a new offence for corporations and partnerships which fail to prevent their staff committing tax evasion offences or tax evasion facilitation offences in order to hold corporations/partnersips to account for their employees actions. The intention is clearly to ensure that, at board level, corporations enact robust global compliance regimes.
The Bill also strengthens law enforcement’s hand in money laundering investigations. Persons suspected of possessing relevant information to a money laundering investigation will be required to provide it by compulsion.