Jurisdiction(s):
United Kingdom

Key definition

Financial crime definition

What does Financial crime mean? In legal practice, financial crime means criminal conduct involving money, financial services or financial markets. In the UK, section 1H(3) of the financial services and markets act 2000 defines it as any criminal conduct relating to money or to financial services or markets, including offences involving fraud or dishonesty, misconduct in or misuse of information relating to a financial market, and handling the proceeds of crime. UK regulators (FCA, PRA) construe this broadly. Typical offences include: - fraud and dishonesty offences; market abuse (insider dealing, manipulation) - money laundering and terrorist financing; dealing with the proceeds of crime - bribery and...

Internal procedure for law firms responding to financial crime investigations, SARs, production orders and search warrants, including restraint and confiscation orders, while safeguarding client confidentiality and legal professional privilege

Published by a LexisNexis Practice Compliance expert

Precedents

1 Introduction

1.1 We operate procedures requiring colleagues to escalate any awareness or suspicion of money laundering, terrorist financing, fraud, bribery, corruption, sanctions breaches, tax evasion, etc to [ insert, eg the nominated officer ] (see section 3 for further detail). In defined circumstances they must then notify the National Crime Agency (NCA) by submitting a suspicious activity report (SAR) or, depending on the nature of the report, to another agency via the appropriate channels.
1.2 The NCA assigns those SARs to specialist financial crime investigation officers for further enquiry. Intelligence from SARs may then be shared by the NCA with other law enforcement or government agencies (LEAs), which may require additional information. This is a financial crime investigation.
1.3 Where further information is needed from us following a SAR, it will typically be obtained through enforcement action (most often a production order) by an LEA.
1.4 This document outlines our internal procedure for dealing with financial crime investigations and enforcement actions. It sets out the people involved, the steps to be taken and the timescales we aim to meet.

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Web page updated on 22/05/2026

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