On the 30th September 2017, the Criminal Finances Act 2017 came into force. This Act makes companies and partnerships criminally liable for failing to prevent their employees from criminally facilitating tax evasion.
The Criminal Finances Act 2017 changes who may be liable for a tax fraud, but a possible defence for an organisation is that they have put into place a system of adequate prevention measures. It is important for business to understand the Act and its implications.
In this fact sheet "Criminal Finances Act 2017" read more about:-
- The two new criminal offences – domestic fraud and overseas fraud
- The three stages to facilitating tax evasion
- ‘Reasonable defence’
- What does a business need to do?
- The six guiding principles outlined by the government
- Risk assessment
- Proportionality of risk-based prevention procedures
- Commitment from the top
- Due diligence
- Communication
- Monitoring and review - The penalties for non-compliance
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.
If you would like to discuss the Criminal Finances Act 2017 and its impact on your business, please do get in touch. We would be delighted to hear from you.
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.
