UK Criminal Finances Act 2017: A Dechert "Dirty Money" Trilogy - Part Two: "For a Few Days More" - Reform of the Suspicious Activity Reporting Regime

June 15, 2017

The UK Criminal Finances Act 2017 (the “Act”) represents a further significant development in the approach to the investigation and prosecution of financial crime in the UK. The new offence of failure to prevent the facilitation of tax evasion and changes to the regime for suspicious activity reports will require entities which carry on business in the UK to take a yet more active role in the detection and prevention of potential financial crime, and to further examine and update their compliance policies and procedures. New unexplained wealth orders may also place onerous requirements on individuals and companies to explain the source of their assets in the UK and beyond.

This OnPoint – the second of a Dechert “trilogy” on the Criminal Finances Act 20172 – focuses on the reform of the suspicious activity reporting regime, which heralds the greatest change to the criminal finances regime since the enactment of the Proceeds of Crime Act 2002.

Read 'Part Two: "For a Few Days More" - Reform of the Suspicious Activity Reporting Regime'

This article was republished by Law 360 on 23 June.