UK GVT Financial Investigators

On Mar. 26, UK GVT expanded powers of financial investigators.

  • UK GVT issued Proceeds of crime act 2002 (references to financial investigators) (England and Wales and Northern Ireland) (amendment) order 2024 (StIn 2024/425).
  • On same day, the UK GVT issued explanatory memorandum to the 2024 Order.
  • Grants organizations additional powers to support ability to recover proceeds of crime.
  • Additionally, the Cabinet Office run Public Sector Fraud Authority is included to better enable the organization to investigate and tackle fraud against the public sector.
  • Amendments also incorporate the introduction by ECCTA 2023 (UK) of new civil powers in POCA to support the recovery of cryptoassets and the existing confiscation powers under Parts 2 (England and Wales) and 4 (Northern Ireland) of POCA.
  • Overview
  • Order amends Schedule 1 to the Proceeds of Crime Act 2002 (References to Financial Investigators) (England and Wales and Northern Ireland) Order 2021 (StIn 2021/640).
  • Proceeds of Crime Act 2002 (POCA) provides that accredited financial investigators may, in specified circumstances, discharge powers or other functions which are granted to law enforcement officers (such as police constables or SFO officers).
  • POCA S. 453 allows the Secretary of State to provide that references in specific provisions of POCA to accredited financial investigators are to be read as references to accredited financial investigators of particular descriptions set out by order.
  • Those descriptions are set out in the 2021 Order now amended to include staff working for the Cabinet Office (who will work for the Public Sector Fraud Authority) among the descriptions of accredited financial investigations in specified cases, and extend powers of staff of the Department for Work and Pensions, the Environment Agency, the Food Standards Agency and the Security Industry Authority.
  • Also specifies which financial investigators are accredited for search, seizure, detention and forfeiture powers given in relation to cryptoassets by the ECCTA 2023 (UK).
  • Effectiveness
  • Order comes into force on Apr. 26, 2024.

Regulators UK GVT
Entity Types Corp; Exch
Reference UKSI, STIN 2024/425, 3/26/2024; POCA 2002 (UK); Citation: StIn 2024/425; StIn 2021/640;
Functions AML; Compliance; Financial; Fraud; Reporting; Risk; Treasury
Countries United Kingdom
Products Corporate; Cryptocurrency
Regions EMEA
Rule Type Final
Rule Date 3/26/2024
Effective Date 4/26/2024
Rule Id 206443
Linked to N/A
Reg. Last Update 3/26/2024
Report Section UK

Last substantive update on 04/02/2024