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What is Criminal Finances Act 2017

The UK government introduced the Criminal Finances Act 2017 to amend the Proceeds of Crime Act 2002 to broaden the scope to seize the funds to tackle with the properties of the terrorist, deal corrupt practices and money laundering, recovering the income of criminal and counter terrorist financing.

Purpose of The UK Criminal Finance Act 2017

The Act received royal agreement on 27th April 2017. The purpose of the Act is to:

‘amend the Proceeds of Crime Act 2002; make provision in connection with terrorist property; create corporate offences for cases where a person associated with a body corporate or partnership facilitates the commission by another person of a tax evasion offence; and for connected purposes.'

Also Read: Tax Fraud

The UK government published the Criminal Finance Act 2017 (Commencement No. 2 and Transitional Provisions) Regulations 2017 (“the Regulations”) on 12th October 2017. This Act will influence several other sections of the Criminal Finances Act 2017 (the “Act”) on 31 October 2017.

The Criminal Finances Act 2017 in the UK

It was in July 13th, 2017 when the first commencement regulations of the Act were announced, and the “failure to prevent the facilitation of tax evasion” crimes were made effective from September 30th 2017.

The Regulations helped a number of sections of the Act come into action that also included the changes to the Proceeds of Crime Act 2002 that is regarding the possibilities of the suspicious activity reports (“SARs”) regime.

How DNS Accountants Assist for The UK Criminal Finance Act 2017

For further information and enquiry, businesses that are assessing the Act and trying to find out how they can apply the procedures rights to make their tasks easier, may contact us for all kinds of assistance regarding the Act and its impact. We have an experienced team of financial and legal experts who would be more than happy to assist in your process.

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