The UK's New Suspicious Activity Reporting Regime: Part 1

By Neil Gerrard, Caroline Black, Sam Aldous and Timothy Bowden (June 22, 2017, 4:23 PM EDT) -- The U.K.[1] Criminal Finances Act 2017 represents a further significant development in the approach to the investigation and prosecution of financial crime in the U.K. The new offense of failure to prevent the facilitation of tax evasion, and changes to the regime for suspicious activity reports, will require entities which carry on business in the U.K. to take a yet more active role in the detection and prevention of potential financial crime, and to further examine and update their compliance policies and procedures. New unexplained wealth orders may also place onerous requirements on individuals and companies to explain the source of their assets in the U.K. and beyond....

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