The Serious Crime Bill received Royal Assent on 3 March 2015 and will now enter into force as the Serious Crime Act 2015 (the "Act"). It introduces changes in a broad range of areas relating to both financial and non-financial crime. Significantly for regulated firms, it includes the introduction of additional protection from civil liability for those reporting suspicions of money laundering. It also creates a new offence, of potentially broad scope, of participating in the criminal activities of an organised crime group. Our briefing explores these two changes in more detail, and outlines the other amendments made by the Act.
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