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Government Priorities for Tackling Financial Crime

17th November 2016

Government: Priorities for Financial Crime

This week on 14 November 2016, the Government published a speech given by the Home Secretary at last week’s Financial Crime Conference hosted by the FCA.

Amber Rudd MP, (the Home Secretary) gave a speech that highlighted the Government’s priorities with regards to financial crime:

In particular the speech indicated that the Government:

Tackling frustrations within the industry:

Ms Rudd acknowledged that many firms want to be able to share information more freely so that they can better understand and address and risks – and that many firms have become frustrated by the “seeming lack of operational outcomes that result from the suspicious activity reports” that they give to law enforcement agencies.

The new Criminal Finances Bill will help address these frustrations within the industry by giving firms immunity from civil and criminal liability “when they share information directly with one another on money laundering and terrorist financing.”

Ms Rudd continued in acknowledging that this is what firms have said they need for the new Joint Money Laundering Intelligence Taskforce (JMLIT) to work more effectively, hence the government is legislating to provide this.

The new Bill also aims to enhance the suspicious activity reports regime meaning that courts will be able to freeze funds for longer while law enforcement agencies can continue to gather evidence required to take any action. For cases of grand corruption, this is often crucial wince much of the evidence is often overseas and additional time is needed to be able to disrupt the flow of criminal money.

It seems that the Government, like the FCA, is highly focused on tackling Financial Crime within the UK. As Ms Rudd summarised in her speech

 We must make the UK a hostile environment for fraudsters and those seeking to move, hide and use the proceeds of crime and corruption.

News & Views News & Views

Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.

Comment from the Government:

“The scale of the UK’s financial services sector is envied across the globe but its size and exposure also means it is vulnerable to organised crime – to fraud, money laundering and corruption.”

Amber Rudd MP, FCA Financial Crime Conference, November 2016

The Fourth Money Laundering Directive (4MLD)

4MLD is set to be implemented across all EU Member States by 26th June 2017.




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