Tax evasion and the new Criminal Finances Act (2017) -TEISS …

Teiss guest blogger Nick Henderson, Course Director at compliance specialist VinciWorks, explains the importance of the new Criminal Finances Act.

On 30 September 2017, the Criminal Finances Act came into force. The Act, billed as the British response to the Panama Papers cyber breach scandal, aims to take the profit out of tax evasion.

Under the Act, your business could be criminally liable for the actions of your employees. The Act requires businesses to have “reasonable procedures” in place to ensure that employees are not helping someone evade their taxes, wherever in the world it is owed.

Also of interest: Preventing cyber crime

Companies at risk from third parties

Criminal facilitation” (acting in a way that helps someone else commit a crime) can occur without the knowledge of anyone else in the company.

And it isn’t just a problem for companies that give financial advice

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