The Criminal Finances Bill 2016-17 received royal assent on Thursday 27 April. The Criminal Finances Act 2017 (the Act), which has not yet come into force in its entirety, will introduce two new corporate offences of “failure to prevent facilitation of tax evasion”, introduce new powers for enforcement agencies, and amend the Proceeds of Crime Act 2002 and anti-terrorism legislation. The Act is intended to “tackle money laundering and corruption, recover the proceeds of crime and counter terrorist financing“.
It is not yet known when they key provisions of the Act will come into force.
More details will be posted shortly.