New Clause 8 - Financial Crime Unit

Part of Financial Services (Banking Reform) Bill – in a Public Bill Committee am 2:00 pm ar 16 Ebrill 2013.

Danfonwch hysbysiad imi am ddadleuon fel hyn

‘(1) The Secretary of State shall by order create a new Financial Crime Unit as part of the Serious Fraud Office for the purpose of tackling financial crime, using resources from the proceeds of penalties paid to the FCA.

(2) The Treasury shall conduct a review into the creation of the Financial Crime Unit and consult on its proposals for the Financial Crime Unit’s powers and responsibilities.

(3) The Treasury shall lay its proposals before both Houses of Parliament no later than six months after this Act comes into force.

(4) The orders under subsection (1) may make such amendments to legislation as appear to the Treasury to be necessary or expedient for the purpose of creating the Financial Crime Unit.

(5) The orders under subsection (1) may only be made if they have been laid before and approved by a resolution of each House of Parliament.’.—(Chris Leslie.)