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20 October 2017 / Jonathan Fisher KC
Issue: 7766 / Categories: Features , Criminal
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Suspicions, privacy & money laundering

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Jonathan Fisher QC & Anita Clifford put the new arrangements for money laundering under the spotlight

  • The new ability for regulated persons to share information relating to a money laundering suspicion.
  • The ability for a court to extend the moratorium period when a suspicious activity report is filed.

The Criminal Finances Act 2017 has introduced important changes to the anti-money laundering regime for the reporting of suspicious activity under Pt 7 of the Proceeds of Crime Act 2002 (POCA 2012). Two changes which will have a significant practical impact on lawyers, estate agents and financial sector professionals, who comprise the regulated sector, are the new ability for regulated persons to share information relating to a money laundering suspicion, and the ability for a court to extend the moratorium or ‘no action’ period applying to a matter when a suspicious activity report (SAR) is filed.

Underlying both new frameworks is an intention to make the investigation of criminal property laundered through the UK easier. However, the open-textured nature of some of

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NEWS
Calls to raise the age of criminal responsibility from 10 to 14 have been renewed, with the Bar Council arguing the current threshold criminalises children too early and risks pushing them towards lifelong offending
The legal profession's AI challenge extends far beyond fabricated case citations, according to a warning about the next phase of technological risk
Law firms should use the transition period before the Financial Conduct Authority (FCA) assumes anti-money laundering (AML) supervision to strengthen governance and compliance, experts have warned
Cross-border disputes increasingly demand creative approaches to gathering evidence, with litigators needing to look beyond traditional letters of request
A Court of Appeal ruling has clarified the distinction between contracts of 'indefinite' and 'perpetual' duration, with potentially significant implications for commercial drafting
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