The Criminal Finances Act 2017 was passed in the final days of the last parliament and is expected to come into force before the end of this year. The legislation includes reforms to the Suspicious Activity Reporting regime, introduces Unexplained Wealth Orders, and creates new corporate offences of failing to prevent the facilitation of tax evasion.
In this series of articles, we assess the likely impact of the legislation on the legal profession. Based on our original research and interviews with practitioners across the business crime and investigations sphere, this series draws together opinions as to what implementation may look like in practice and what this could mean for law firms.
Unexplained Wealth Orders are perhaps the most radical introduction in the Act, given the potentially huge impact they could have on Law Enforcement’s ability to investigate and recover criminal property.
In the second article in this series, we look at how UWOs may be used and the effect this may have on the prevalence of money laundering in the UK.