Bankers: Money-Laundering, Reporting Obligations and the New Criminal Finances Bill

Tuesday, 04 April 2017 | Time: 11:30 AM PDT, 02:30 PM EDT | Duration: 90 Minutes

The Criminal Finances Bill was introduced to the UK House of Commons on 13 October 2016. It will significantly improve the government's ability to: tackle money laundering and corruption, recover the proceeds of crime and counter terrorist financing.

In October 2015, the national risk assessment identified and assessed the money laundering and terrorist financing risks faced by the UK. It focused on 3 priorities: 1. A more robust law enforcement response 2. Reforming the supervisory regime 3. Increasing the UK's international reach

Objectives of the Presentation

• New powers and safeguards
• Improve the UK capability to recover the proceeds of crime, including international corruption
• Transforming the relationship between public and private sectors
• Enhancing the UK law enforcement response
• Combating the financing of terrorism

Why Should you Attend
The bill is a key element of one of the most significant changes to our anti-money laundering and terrorist finance regime in over a decade. It is part of a wider package of measures aimed at strengthening the government's response to money laundering and improving the amount of criminal assets confiscated by the state (and, where possible, returned to victims). This includes:

• Improving the effectiveness of the supervisory regimes for the regulated sector
• Reforming the Suspicious Activity Report (SARs) regime, including investment in systems and processes to complement the legislation
• A cross-government action plan on asset recovery
• Increasing our international reach through events like the Anti-Corruption Summit in May 2016 to build capacity with overseas partners, reflecting the global nature of this issue

Areas Covered
The facets for the Criminal Finances Bill

• The Criminal Finances Bill
• Unexplained wealth orders
• Disclosure orders
• Power to obtain further information and extend the SARs moratorium period
• Information sharing
• Seizure powers
• Proceeds of Crime Act (POCA) amendments
• Terrorist financing
• Corporate failure to prevent tax evasion

Who will Benefit

• Compliance Officers
• MLRO
• Nominated Officer
• central Risk
• Senior Advisors
• Analysts.

Others Details

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