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JUN
12

What You Need to Know About Unexplained Wealth Orders

On 31st January 2018, the Criminal Finances Act 2017 introduced new provisions in an attempt to tackle money laundering, corruption, tax evasion and terrorist financing in the UK. One of the new provisions was the introduction of Unexplained Wealth Orders, which were introduced to close the loopholes being exploited in order to hide the proceeds of crime. These Unexplained Wealth Orders require individuals to explain the nature and extent of their interest in specified property and how they obtained the property, as well as any other information in relation to the property as required by the order. Here we look when they can be used and what the consequences are.

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  62 Hits
62 Hits
APR
10

The rise of Section 22 POCA 2002 – What you need to know.

Introduction

1. Section 22 of the Proceeds of Crime Act allows the prosecution to ask the court to reconsider the available amount where a confiscation order has previously been made and the available amount was lower than the benefit amount. This section has been increasingly used in the last year by various police forces in an effort to enforce a larger part of their confiscation orders. In an environment of severely tightened belts, s.22 can be seen by some in law enforcement as a good way to increase funding for their unit. It is not surprising given the reductions in both charging decisions and prosecutions that there are less POCA cases now before the courts which means that there are less orders now being made and enforced.

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  180 Hits
180 Hits
AUG
14

Fca shows its prosecution teeth, after many years.

Written by Siobhain Egan, Director (non-exec) 

The FCA  Annual  Report and accounts  201 7/18  makes an interesting read, and two of the subreports – ENFORCEMENT ANNUAL PERFORMANCE REPORT and the ANTI – MONEY LAUNDERING REPORT are especially important.

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  474 Hits
474 Hits
FEB
21

New Corporate Offence of Failure to Prevent Facilitation of Tax Evasion

On 30 September 2017 the UK introduced new offences targeting legal and partnership entities that fail to prevent facilitation of criminal tax evasion by persons working for that company or acting on its behalf. The law regarding tax evasion remains unchanged; however, the scope of persons who can fall foul of currently existing rules has been considerably broadened. The burden has been firmly placed on companies and partnerships operating in the UK, even if headquartered overseas, to provide evidence that they have enacted satisfactorily robust procedures to prevent facilitation.

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  495 Hits
495 Hits
FEB
21

Recent Global Regulatory Responses to Financial Crime

In the ten years since the 2008 financial crisis, the reaction of global regulatory bodies has been swift to shield consumers and investors from further harm. The most prolific enforcers have been US-based, comprising nearly 80% of the $26 billion worth of fines imposed for market abuse on both US and international entities in equal measure. Over the previous five years, 28 custodial sentences have been handed down in criminal courts worldwide.

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  520 Hits
520 Hits

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