The Bill, which has now received Royal Assent, will extend law enforcement agencies’ ability to recover the proceeds of crime, tackle money laundering, tax evasion and corruption.
It contains important new provisions including:
• unexplained wealth orders (UWOs), which can require those suspected of serious crime or corruption to explain the sources of their wealth
• two new criminal offences in relation to corporations who fail to prevent their staff from facilitating tax evasion in the UK and abroad.
Further provisions enable the seizure and forfeiture of proceeds of crime as well as extensions to the moratorium period to investigate suspicious transactions.
A copy of the Home Office press release can be found here.