As part of the action plan, the government is seeking views on potential changes to legislation and have also issued a Call for Information: Anti-Money Laundering Supervisory Regime. Both consultations close on 2 June.
The government states that the three priorities of the action plan are:
create new legal powers and capabilities for law enforcement agencies
reform the supervisory regime
increase international reach by working with international groups such as the G20 and Financial Action Task Force (FATF).
The action plan contains a number of proposals on which the government wishes to consult, as they will involve potential changes to legislation. These are:
removal of the Suspicious Activity Reports (SARs) consent regime
new powers for law enforcement agencies to require reporters to take actions in relation to their customers, and to request further information on SARs
data sharing between private sector organisations to tackle money laundering and terrorist financing
the creation of a new power to require individuals to declare their sources of wealth
the creation of a linked power to seek forfeiture of assets if they fail to declare their sources of wealth
the creation of an illicit enrichment offence
a power to designate an entity as being of money laundering concern
development of a new power to allow money held in bank accounts to be swiftly seized and forfeited
changes to the civil recovery powers to allow administrative seizure up to £100,000.
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