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Money laundering reforms proposed 22/04/2016 Home Secretary Theresa May has released an action plan setting out details of proposals to reform the UK’s anti-money laundering and terrorist finance regime.

Money laundering reforms proposed

Home Secretary Theresa May has released an action plan setting out details of proposals to reform the UK’s anti-money laundering and terrorist finance regime.

It is designed to enhance the current law enforcement response to criminals and terrorists; reform the supervisory regime; and extend the reach of enforcement agencies and information sharing internationally.

The proposals include:

  • “fundamental reform of the suspicious activity reports regime, under which people in the regulated sector must report suspicions of money laundering to the National Crime Agency (NCA) - the regime will be refocused to encourage better use of public and private sector resources against the highest threats and provide the NCA with a new suite of powers
  • the creation of new powers, including unexplained wealth orders (UWO), requiring those suspected of money laundering to declare their wealth
  • the provision of a linked forfeiture power for use where the answers provided are unsatisfactory, or where the subject of a UWO fails to respond
  • the creation of an illicit enrichment offence, for use when a public official has a significant and inexplicable increase in their assets
  • new administrative power to designate an entity as being of money laundering concern and require the regulated sector to take special measures when dealing with them.”

The Government is consulting on the proposals that will require legislative change. More details can be found here.

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