Today the Security and Economic Crime Minister, Ben Wallace, set out in the House of Commons the measures that the Government has introduced to tackle illicit funds and how it will continue to make the UK a hostile environment for those who look to use, move or hide their proceeds of crime. The Government:
- introduced unexplained wealth orders so those suspected of being involved in organised crime have to prove where their assets come from - the first unexplained wealth order was served within 14 days of the new powers being implemented on 31 January 2018
- made it easier to seize criminals' money from bank accounts
- made it harder for criminals to launder money through moveable property, such as precious metals and betting chips
- made it possible to confiscate assets from people guilty of gross human rights abuse
- is setting up the National Economic Crime Centre in the National Crime Agency and has brought together the many strands of economic crime under one Minister – the Security and Economic Crime Minister
- has brought a number of prosecutions for those involved in bribery under the Bribery Act
- introduced “deferred prosecution agreements” as an incentive for companies to face up to fraud and corruption
- bolstered the Serious Fraud Office to ensure big business and overseas oligarchs can’t use their wealth to obstruct justice
- established one of the world’s first public register of beneficial ownership of companies and helped all crown dependencies and overseas territories establish a beneficial ownership register with mutual, and in some cases, almost live time access for law enforcement agencies
- has committed to establish a public register of overseas owners of property in the UK