BCL partner, John Binns speaks to Edward Fennell at The Times to discuss the new Economic Crime Strategic Board (ECSB), which aims to rapidly reduce the volume of fraud, bribery, corruption and money laundering in the UK.
Philip Hammond, the chancellor, and Sajid Javid, the home secretary, jointly chair the first meeting of the new Economic Crime Strategic Board (ECSB), which aims to spearhead the war on financial crime.
Below is a short excerpt from the article* that can be found in full on The Times website.
‘While some critics see the board as window-dressing to disguise a lack of resources in battling an increasing volume of fraud, bribery, corruption and money laundering, others say that it marks a significant step up in the government’s determination to get to grips with a growing threat to business and individuals alike, which is thought to cost more than £14 billion a year.
“Having two prominent cabinet ministers on the board sends out a signal that the government is now taking financial crime seriously at the highest levels,” says John Binns of BCL Solicitors. “It’s definitely a notch-up in commitment and is a new and interesting approach. It says that the government wants to improve the level of co-operation between all parties involved.” ‘
*This article was first published by The Times on 24th January 2019. Full details can be found here.
John Binns is a partner at BCL specialising in all aspects of business crime, with a particular interest in confiscation, civil recovery and money laundering under the Proceeds of Crime Act 2002 (“POCA”). He has particular expertise in the myriad legal provisions on anti-money laundering (“AML”) requirements in the regulated sector under the Money Laundering Regulations (“MLR”), civil recovery and confiscation of the proceeds of crime, and criminal offences of money laundering under POCA, as well as related areas such as financial sanctions. He advises businesses (inside and outside the regulated sector) on AML policies and procedures generally, as well as particular risks that may arise under the MLR, POCA, and sanctions laws, including advice on the submission of Suspicious Activity Reports and consent requests. He regularly represents individuals and businesses in connection with confiscation, property freezing and restraint orders, including in relation to applications to defend, discharge or vary such orders.