Reform – UK

Is it the end of the road for the SFO?

Blair Keown

The Conservative Party has pledged in its manifesto to incorporate the Serious Fraud Office (SFO) into the National Crime Agency (NCA). As Home Secretary, Theresa May twice tried unsuccessfully to restructure the SFO. In 2011, she proposed sending the SFO’s investigators to the NCA and its prosecutors to the Crown Prosecution Service. In 2014, reports Read More

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The Criminal Finances Act

Calum Macdonald

On 27 April, the Criminal Finances Bill received Royal Assent. Now the Criminal Finances Act 2017, it represents the most significant development in the UK’s anti-money laundering regime in more than a decade and the largest expansion of corporate criminal liability since the Bribery Act 2010. We have covered key parts of the Criminal Finances Act previously Read More

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FCA and PRA confirm changes to their enforcement decision-making processes

Sarah Hitchins

Following a process that has lasted for more than two years, yesterday the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA) confirmed changes to their enforcement decision-making processes. These changes take the form of guidance, not formal rules. We set out below the key changes announced by the regulators, some of Read More

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FCA: ‘We have not gone soft’

Sarah Hitchins

Bumper fines have become a mainstay of UK Financial Conduct Authority (FCA) enforcement action. However, last year we saw a significant drop in the financial penalties imposed by the FCA. It got people talking. Has the FCA gone soft? In a speech delivered earlier this month, Mark Steward gave a clear ‘no’ in response to Read More

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The Criminal Finances Bill: Part Two

Calum Macdonald

In our second piece on the recently published Criminal Finances Bill 2016-17, we turn to the proposed Unexplained Wealth Orders regime and new disclosure powers for use in money laundering investigations that regulators will receive.   Unexplained Wealth Orders: Explain An Unexplained Wealth Order (UWO) is an order granted by the High Court at the application of Read More

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