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ARTICLE · 17 OCTOBER 2017

The Criminal Finances Act 2017...

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The increasing tide of anti-money laundering and anti-tax evasion legislation has increasingly turned service providers into the first line of defence against tax evasion.

United KingdomCriminal Law
Alix Prentice
Alix Prentice
Charlie Tee
Charlie Tee
Christopher Groves
Christopher Groves
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...or how I learned to stop worrying and love HMRC

The increasing tide of anti-money laundering and anti-tax evasion legislation has increasingly turned service providers into the first line of defence against tax evasion. The latest iteration of this is the Criminal Finances Act 2017 which came into force on 30 September 2017. This introduces a new corporate criminal offence of failing to prevent tax evasion.

Who needs to know about this?

Everyone.

The offence is deliberately expressed to apply worldwide. It can be committed by a firm carrying on business in the UK but also by a firm with no ties to the UK, if it has dealings with individual with UK tax liabilities. Trustees, family offices, law firms, accountants, asset managers, banks and custodians either incorporated in the UK or with an office in the UK, or anyone acting for UK residents wherever they are in the world will need to understand their exposure.

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