Cryptic crossword clue
Cautious Milton to con man “No, no criminal” 12

The most common and most likely answer to this crossword clue is the 12 letter word NONCOMMITTAL

I've seen this crossword clue in Financial Times
N
O
N
C
O
M
M
I
T
T
A
L

Buddy explains!

The straight part
We know that "Cautious" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cautious = noncommittal.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does NONCOMMITTAL mean?

NONCOMMITTAL adjective
  1. Tending to avoid commitment; lacking certainty or decisiveness; reluctant to give out information or show one's feelings or opinion.

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