What UK Criminal Finances Act 2017 (c. 22): Unexplained Wealth Orders and Corporate Failure to Prevent the Facilitation of Tax Evasion requires
The Criminal Finances Act 2017 (c. 22) strengthens the United Kingdom's powers to recover the proceeds of crime, counter terrorist financing, and tackle money laundering, and creates new corporate criminal offences for failing to prevent the facilitation of tax evasion, enforced by the National Crime Agency, HM Revenue and Customs, and prosecuting authorities. Section 1 introduces unexplained wealth orders for England and Wales and Northern Ireland, requiring a respondent to explain the lawful origin of property where its value appears disproportionate to known lawfully obtained income. Section 2 provides for interim freezing orders to preserve property subject to an unexplained wealth order. Section 7 provides for disclosure orders in confiscation and money laundering investigations. Section 10 confers a power to extend the moratorium period during which a consent request following a suspicious activity report is considered. Section 13 addresses unlawful conduct constituting gross human rights abuses or violations, extending civil recovery. Section 36 enables the sharing of information within the regulated sector to combat money laundering. Section 45 creates the corporate offence of failure of a relevant body to prevent the facilitation of UK tax evasion offences, and section 46 creates the corresponding offence for foreign tax evasion offences, each subject to a defence of having reasonable prevention procedures in place. The Act is a foundational statute for UK asset recovery and corporate financial-crime liability.
Pillar: Financial Crime, AML & Sanctions · Authority: UK Parliament / National Crime Agency; HM Revenue and Customs · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2017/22/contents
SHA-256 integrity: b72089174b30009108418993ba795655aa61237bec273f79e10e48c60994f9e2
Primary Citations — 8 traced to source
- Criminal Finances Act 2017, section 1 - unexplained wealth orders: England and Wales and Northern Ireland.
- Criminal Finances Act 2017, section 2 - interim freezing orders.
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