Tightening the Net: The Criminal Finances Act 2017
"The Criminal Finances Act 2017, passed during the final days of the last Parliament, is expected to come into force by the end of this year. The legislation was hailed by all major political parties and a number of pressure groups and think tanks as an important step forward in the UK’s fight against corruption. The need for reform to the UK’s anti-money laundering (AML) and tax evasion framework has been widely acknowledged for several years. The debate has included specific events, such as the release of the so called ‘Panama Papers’ in 2016 and wide spread protests relating to the tax affairs of certain large corporates, as well as a general trend around the world to tighten up the regulatory framework in an effort to combat organised crime and terrorism wherever it resides. The Act includes reforms to the Suspicious Activity Reporting (SARs) regime, introduces Unexplained Wealth Orders (UWOs), and creates new corporate offences in relation to tax evasion."
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