Clifford Chance

Criminal Finances Bill: UK Government presses ahead with financial crime reforms

25 October 2016

On 14 October, the UK Government introduced the Criminal Finances Bill ("the Bill") to Parliament. This draft legislation proposes the introduction of a new offence of failing to prevent the facilitation of tax evasion as well as changes to certain aspects of the anti-money laundering ("AML") and counter terrorism financing ("CTF") framework. Although the precise shape and impact of the proposed new measures will evolve as the Bill progresses through Parliament, it is clear that they will affect the way in which banks will have to approach financial crime compliance, work with one another to share information and report suspicions.

This briefing examines the key measures proposed (and those which the Government has decided not to progress at this stage). It looks at how they fit into the current enforcement landscape and how they may presage other important financial crime measures in the UK.

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