The Criminal Finances Bill, which was introduced to the House of Commons in October 2017, has received Royal Assent.

The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to

• recover the proceeds of crime,
• tackle money laundering,
• tax evasion and corruption, and
• combat the financing of terrorism

It contains the following provisions:

• The creation of unexplained wealth orders (UWOs), which can require those suspected of serious crime or corruption to explain the sources of their wealth.
• The creation of two new criminal offences for corporations who fail to prevent their staff from facilitating tax evasion in the UK and abroad.
• Enabling the seizure and forfeiture of proceeds of crime and terrorist money stored in bank accounts and identified personal or moveable items.
• Statutory legal protections for the sharing of information between regulated companies.
• An extension of the moratorium period to investigate suspicious transactions.
• An extension of disclosure orders to cover money laundering and terrorist financing investigations.
• An extension of the existing civil recovery regime in the Proceeds of Crime Act 2002 to allow for the recovery of the proceeds of gross human rights abuses or violations overseas.

Source: Home Office: Press release: Criminal Finances Bill receives Royal Assent, 27 April 2017 = https://www.gov.uk/government/news/criminal-finances-bill-receives-royal-assent