Introduction

The second edition of this book has presented us with an ideal and unique opportunity to revisit the area of financial crime in the United Kingdom (UK) in light of several important legislative and policy developments. It has also allowed us to extend the ambit and scope of the book to include areas of financial crime that were not addressed in the first edition, namely tax evasion, market manipulation and, very briefly, cybercrime. Additionally, this new edition incorporates many important changes in the UK including the creation of the National Crime Agency (NCA); the abolition of the Financial Services Authority (FSA); the creation of the Financial Conduct Authority (FCA); the introduction of the fourth Money Laundering Directive; the increased use of financial sanctions towards those involved in market manipulation; and, the introduction of Deferred Prosecution Agreements by the Crime and Courts Act 2013. These measures fall against an uncertain political backdrop fuelled by broken promises to confront and tackle financial crime since the start of the 2007-08 financial crisis.