The Criminal Finances Bill and your firm

A National Risk Assessment that pointed to “significant intelligence gaps” in high-end money laundering has prompted new legislation to strengthen defences against the billions of pounds believed to be laundered annually in the UK. Ian Mason and Louis Head outline the proposals as well as potential implications relevant to financial services firms.

Ian Mason is legal director and Louis Head trainee solicitor at law firm DLA Piper UK. Contact them on ian.mason@dlapiper.com and louis.head@dlapiper.com.

The Criminal Finances Bill 2016-17 was introduced to the House of Commons on 13 October 2016. The purpose of the Bill is to counter money-laundering, corruption and terrorist financing, as well as recover the proceeds of crime. This article provides an overview of the proposals within the Bill that relate to financial services, focusing in particular on the potential implications that such provisions might have for compliance professionals and money-laundering reporting officers (MLROs) in financial institutions.