The Home Secretary announced his intention to crack down on Britain's untouchables yesterday, when he unveiled draft clauses for the Proceeds of Crime bill.
Accountants expect the PoC bill to have ramifications for the accounting profession.
It would extend the offense of failing to report knowledge, or suspicion, of drug money laundering to all types of money laundering. The main thrust of the bill is the creation, next year or in 2003, of a Criminal Assets Recovery Agency, that would have the power to seize cash, cars and houses. CARA would be able to freeze a suspect's assets at the start of a criminal investigation to prevent the suspect from hiding them. The bill would also introduce for the first time in the United Kingdom a scheme for recovering criminal proceeds through the civil courts rather than criminal proceedings. He plans to support the agency by boosting the financial investigation capacity of U.K. police forces.