Are you prepared for the new corporate offences of the Criminal Finances Bill 2016?
Tax evasion and its facilitation are already criminal offences, however it has to date been difficult to attribute criminal liability to a corporation where such instances occur.
The Criminal Finances Bill was introduced in October 2016 and is expected to receive Royal Assent in Q2 2017.
Part 3 of the Bill introduces the Corporate Offences, comprising the failure of an organisation's agent(s) to prevent the facilitation of UK tax evasion and the failure to prevent the facilitation of foreign tax evasion offences.
The Corporate Offences are expected to take effect in September 2017.
Are you prepared for the new corporate offences of the Criminal Finances Bill?
Maintain regulatory confidence and guard against significant fines through improved anti-money laundering programmes.