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October 2 2017

Comment from Kroll on the Introduction of the UK Criminal Finances Act

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Following the introduction of the UK Criminal Finances Act this weekend, which gives greater powers to UK tax authorities for carrying out tax evasion investigations around the world if they involve a UK tax liability, Howard Cooper, Managing Director in Kroll’s Investigations and Disputes Practice commented:

“The Criminal Finances Act came into effect this weekend (30th September) enabling UK tax authorities to carry out tax evasion investigations around the globe if they involve a UK tax liability. The rules make it a criminal offence if a business fails to prevent associated persons – employees, agents, sub-contractors, professional advisers or joint venture partners – from enabling tax evasion, facing unlimited fines for those found guilty. This effectively means that businesses could face large financial penalties for failing to prevent tax evasion, even if they weren’t personally implicated in it.

“Last autumn the Chancellor announced that the government aimed to raise an extra £2 billion by 2022 by targeting tax avoidance, and the growing international outlook of HMRC is very much part of that mission. Tax authorities have a growing international reach, so businesses need to remain more prudent and diligent than ever to ensure they remain compliant. HMRC has already started to see a flow of data from tax authorities around the world following the global Common Reporting Standard, developed by the Organisation for Economic Co-operation and Development (OECD) to automatically exchange tax and financial information on a global level to combat tax evasion.

“The Criminal Finances Act requires businesses to actively identify areas of risk and consider the steps they need to take to mitigate tax evasion. They need to take a range of steps to protect themselves including introducing compliance programmes, training, due diligence of third parties and regular monitoring to ensure that they are implementing these steps effectively.”

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