Insider dealing and money laundering etc. Amendments to the Proceeds of Crime Act 2002 and Anti-Terrorism, Crime and Security Act: Payment and E-Money Institutions ‘Forfeiture of money: electronic money institutions and payment institutions’
The Criminal Finances Act 2017 created new account freezing and account forfeiture powers under POCA and the Anti-Terrorism, Crime and Security Act 2001 (ATCSA). These powers enable certain law enforcement officers to apply for an account freezing order (AFO) from the court to freeze a bank or building society account if there is reason to believe that money present in the account is the proceeds of crime or that the money is intended by any person for use in unlawful conduct, or in the case of ATCSA, they have reasonable grounds for suspecting that money held in such an account is related to terrorism in a manner specified in that Act. Once the money is subject to an AFO, then law enforcement may seek to have it forfeited.
	AFOs, and subsequent forfeitures, can be used to quickly deny access to funds that are suspected of being the proceeds of crime, or used to fund criminality, where it may not be feasible or practicable to undertake a criminal investigation into the holder of the funds, or to use other mechanisms in POCA. They can likewise be equally effectively used under ATCSA in the context of countering terrorism financing.
	Currently, these powers can be exercised in respect of accounts held at banks and building societies. This Act extends the AFO and forfeiture provisions in POCA (in England and Wales and Scotland) and ATCSA (across the UK) to ensure that these powers can also be applied to accounts held at payment and e-money institutions.