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U.K. introduces bill to tackle criminal financing

Jaclyn Jaeger | October 28, 2016

The U.K. government published new legislation this month that will give law enforcement agencies new powers to tackle money laundering and corruption, seize the proceeds of crime, and counter terrorist financing.

Introduced before the House of Commons on Oct. 13, the Criminal Finances Bill will force those suspected of serious crime to explain where their wealth has come from, or risk having it seized. Law enforcement agencies will apply to the High Court for permission to put an order in place, according to the U.K. government.

“These orders will improve the recovery of illicit funds and prevent the U.K. from being used as a safe haven for the proceeds of international corruption,” the U.K. government said in a statement.

The legislation will also allow for the forfeiture of money stored in...

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