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Tightening the net part 1: Suspicious Activity Reports Regime

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The Criminal Finances Act 2017 was passed in the final days of the last parliament and is expected to come into force before the end of this year. The legislation includes reforms to the Suspicious Activity Reports regime, introduces Unexplained Wealth Orders, and creates new corporate offences of failing to prevent the facilitation of tax evasion.

In this series of articles, we assess the likely impact of the legislation on the legal profession. Based on our original research and interviews with practitioners across the business crime and investigations sphere, this series draws together opinions as to what implementation may look like in practice and what this could mean for law firms.

The Act significantly enhances the SARs regime, granting the NCA additional time to investigate reports and codifying a mechanism for information sharing between firm. For the first article in this series we spoke to a number of partners advising in this area to find out whether they think the new regime will change the way regulated firms conduct their business.

Click here to read the full report.