Striking terror

The Counter-Terrorism Act 2008 is now in force. It creates new powers for gathering and sharing information to fight terrorism, questioning terrorist suspects and prosecuting terrorist offences. Other stringent new provisions for combating terrorist financing and money laundering attracted little comment during the Bill’s progress but will have a significant impact upon the financial sector, write Louise Delahunty and Sara Morgan of Simmons and Simmons.

Louise Delahunty +44 (0)20 7825 4706, louise.delahunty@ simmons-simmons.com and Sara Morgan sara.morgan@simmons- simmons.com

The main furore about the Counter Terrorism Act 2008 (CTA) centred on the controversial proposal (eventually thrown out by the Lords) to amend the Terrorism Act 2000 to create a “reserve power” for the Home Secretary to extend the maximum period of pre-charge detention in custody for individuals suspected of terrorism-related offences from 28 to 42 days. The Act’s potential effect upon the financial sector was not a talking point – but it is now.