It was announced on the 11th December 2017 that the government is to set up a new National Economic Crime Centre (NECC) in order to ‘task and coordinate the response to economic crime’.
Kangs Solicitors are regularly instructed by companies and individuals who find themselves being prosecuted for alleged crimes involving financial fraud.
Frances Murray of Kangs Solicitors outlines the government proposals so far as they are known at the present time.
The Framework | Kangs Financial Fraud Advisory Team
The NECC will sit within the National Crime Agency (NCA) and will have the power to directly ask the Serious Fraud Office (SFO) to investigate suspects.
A government spokesperson said:
‘The SFO will continue to act as an independent organisation, supporting the multi-agency response led by the NCA’.
New laws and an enhanced operational response are designed to crack down on money laundering.
In an attempt to reduce opportunities for criminals to use shell companies to launder illicitly gained wealth in London property, the government has renewed a commitment to introduce an Overseas Companies Beneficial Ownership Register. In essence, this will ensure that overseas companies that own or buy property in the UK, or participate in central government procurement, will be required to provide details of their ultimate owners.
Under the Criminal Finances Act, a new working group, including the SFO, NCA, the Crown Prosecution Service, the Police and HM Revenue & Customs will be created.
In an effort to improve the process for obtaining and enforcing confiscation orders, the Law Commission has been asked to review the law on Confiscation under the Proceeds of Crime Act.
Tackling Economic Crime | Kangs National Financial Fraud Team
Home Secretary Amber Rudd said:
‘The measures we have announced today will significantly improve our ability to tackle the most serious cases of economic crime by ensuring our agencies have the tools and investment they need to investigate, prosecute and confiscate criminal assets’.
This follows a report by the NCA that as much as £90 billion of criminal money is laundered through the UK each year.
The six priorities of the NECC include countering ‘corrupt insiders’ in policing, prisons and the defence sector, reducing corruption in public procurement and increasing enforcement and financial transparency.
How Can We Help You? | Kangs Serious Fraud Solicitors
We have frequently defended both companies and individuals subject to an SFO investigation and subsequent prosecution.
Cases of this nature require a legal team with specialist knowledge and extensive experience as they invariably involve complex legal issues.
If you are being investigated by the SFO or any other authority, we are able to assist with the interview process, pre charge investigation and the post charge court proceedings.
Kangs Solicitors’ complex crime and regulatory team provides a national service.
We have extensive experience of dealing with cases investigated and prosecuted by all the major prosecuting authorities such as the SFO, NCA, FCA, HMRC, CPS, Trading Standards, Environment Agency etc.
Who Can I Contact For Help? | Kangs Criminal Defence Solicitors
If you are an individual or a company, we are here to assist you manage your contact with the prosecuting authority and advise you on any criminal proceedings involving fraud and/or money laundering.
Our team of solicitors has a proven track record of assisting many individual and businesses achieve the right result following these criminal proceedings.
Our expert team of Solicitors can be contacted through the following: