EVENT: Members briefed on the new Criminal Finances Act

Date: 28th September, 2017 Time: 06:00 pm - 09:00 pm
Members briefed on the new Criminal Finances Act

The Criminal Finances Act is the latest in a series of moves by the British government to tighten legal and regulatory controls on crime and corruption. The Act creates the new offence of 'Failure to Prevent the Facilitation of Tax Evasion' and strengthens the authorities' ability to investigate 'unexplained wealth' (such as a person owning an expensive property or an expensive car when s/he has no visible way of affording it). The Act also ammends the Proceeds of Crime Act (POCA) to enable the authorities to request more information after receiving a Suspicious Activity Report (SAR) - creating a so-called 'super-SAR'.

Some of the Act's provisions became effective on 30 September, making the briefing very timely. 

Jo Rickards, a partner with Mishcon de Reya, explained the legal aspects of the new law. Her presentation is attached below.

Tom Townson and Dana Ward, partners with Grant Thornton, then outlined how firms should respond to the Act. 

This seminar forms part of the ABA's mission to keep its members informed about new regulatory and legal developments that affect their work.

After the presentations and questions and answers, participants were able to mix with speakers informally and enjoy a buffet dinner. 

 

Mishcon de Reya Slides

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