Publication of the Criminal Finances Bill 2016-17

Posted on October 20, 2016
Archive : October 2016
Category : News

The Criminal Finances Bill 2016-17 (the "Bill") was presented to Parliament and had its first reading in the House of Commons on Thursday 13th October. In a press release on the same day, the Home Office stated that the new legislation is designed to "tackle money laundering and corruption, recover the proceeds of crime and counter terrorist financing". The Bill is divided into four parts: Part 1 adds new powers for enforcement agencies under the Proceeds of Crime Act 2002 ("PoCA"); Part 2 makes changes to existing anti-terrorism legislation; Part 3 makes provision for two new corporate offences of "failure to prevent facilitation of tax evasion" and Part 4 includes minor and consequential amendments to PoCA.

Below, we set out a brief introduction to the Bill, highlighting certain key areas of interest.  Further briefings providing more detail on some of these areas will follow in the coming weeks.

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