Britain Broadens Predicate Offenses for Suspicious Transactions Report Requirement to All Serious Crimes

Great Britain gave Royal Assent and, during the last week of July, enacted the Criminal Justice Bill. The bill increases the responsibility of banks and other financial service companies to report suspicious transactions linked not only to drugs and terrorism, but also to all possible serious criminal activity, such as fraud, theft and extortion. The law, which will go into effect from April 1994, follows a worldwide trend to widen the predicate crimes to which money laundering is linked…[more]