Criminal Finances Act 2017

Overview

The Criminal Finances Act is part of the UK government’s strategic approach to reducing financial crime. It targets corruption, money laundering and tax evasion, and also aims to recoup more criminal assets by making it easier to seize funds obtained through criminal means.

The Act places further responsibilities on senior members of an organisation who can be held to account for ‘failing to prevent’ the offences.

An offence is committed if a firm (known as the relevant body) fails to prevent someone who is acting on their behalf or for them, knowingly facilitates tax evasion, either in the UK or in a foreign country.

In simple terms, this means that every employer has an obligation to actively discourage their employees assisting customers evade tax.

Outline Learning Objectives:

• Understand the strict laws applied to potential financial crime
• Help ensure your organisation does not fail measures to prevent financial crime and tax evasion
• Follow HMRC guidance on financial laws and potential offences under the Act
• Establish risk assessment measures and preventive procedures
• Explore specific changes that the Criminal Finances Act 2017 adds to our legal system

Audience:

This course is suitable for organisations that need to help ensure employees are discouraged from helping customers evade tax and commit financial crime.