Countering Economic Crime in the UK

In this briefing, we summarize the main proposals announced by the UK government aimed at improving the UK’s response to economic crime.

The measures include strengthening the National Crime Agency (NCA), bolstering its powers to task the Serious Fraud Office (SFO) to investigate particular crimes. A new National Economic Crime Centre will be created, within the National Crime Agency, designed to coordinate the response to economic crime by encouraging collaboration between law enforcement agencies and with the private sector.
The SFO will remain an independent organization, effectively ending speculation about its long-term future, which had been in doubt following the Conservative Party’s 2017 election manifesto proposal to abolish it.

In addition, the government signalled that it intends to seek further recoveries of criminal proceeds by announcing the creation of a dedicated team, which would use the confiscation powers in the Criminal Finances Act to obtain money held in frozen bank accounts. It is not clear from the government’s announcement where this new team will reside; however, if it is housed in the NCA, this would further cement the NCA’s leading position in economic crime matters.

What else is the UK government proposing and how will this affect you? Read the full article to find out what other proposals have been made, including how the government plans to build on the UK SAR Reform Programme, and the plan to enhance transparency of hidden beneficial ownership. 

Read the full article

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