Richard Grint, financial services expert, shares his advice to firms that, from Saturday 1st October 2017, will become criminally liable if they fail to stop employees and agents from facilitating tax evasion, both at home and overseas.
Kirsten Hastings' piece outlines information on the Criminal Finances Act 2017 and includes comments from Richard. "It has a global scope," he says. "This represents a steep change from the range of previous tax evasion offences and is a significant additional burden for firm."
The impact of regulation shows no sign of abating
The article goes on to explore liability and explains another feature of the Act which is that that it allows the NCA, Crown Prosecution Service, Financial Conduct Authority, SFO and HMRC to apply for unexplained wealth orders (UWO).