HM The Queen’s Speech included plans to introduce a Criminal Finances Bill which will reform the UK laws on proceeds of crime, including provisions to strengthen enforcement powers and to protect the public.

The main elements of the Bill are:

1. the introduction of a criminal offence for corporations who fail to stop their staff facilitating tax evasion;
2. improving the operation of the suspicious activity reports (SARs) regime to encourage better use of public and private sector resources against the highest threats;
3. to target entities that carry out money laundering instead of individual transactions;
4. to provide the National Crime Agency (NCA) with new powers;
5. improving the ability of law enforcement agencies and courts to recover criminal assets more effectively, particularly in cases such as those linked to grand corruption.

A copy of the Queen’s Speech is available: http://bit.ly/1TnePbp