Financial Crime, in the Proceeds of Crime Act 2002, (as amended by the Serious Crime Act 2015) covers any kind of criminal conduct relating to money or to financial services or markets, including any offence involving:
fraud or dishonesty; or
misconduct in, or misuse of information relating to, a financial market; or
handling the proceeds of crime; or
the financing of terrorism
This was originally aimed at professionals in the financial and investment sectors. However, it was subsequently recognised that those involved in criminal conduct were able to ‘clean’ the proceeds of crime through a wider range of business and professional activities – including council activities.
The Prevention of Financial Crime Anti-Fraud and Corruption and Anti-Bribery policy provides measures to acknowledge, prevent and pursue financial crime within the council and to help put in place systems and controls which mitigate financial crime risk effectively.