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The Criminal Finances Act 2017

Posted on 17 August 2017SharePrint

When the Criminal Finances Act 2017 received Royal Assent in April this year, it was described, along with the Bribery Act 2010, as the most important anti-corruption legislation to be passed in the UK in over 30 years.

One of the key elements of the Act relates to tax evasion. It will make companies and partnerships criminally liable, if they fail to prevent tax evasion by either a member of their staff or an external agent, even where the business was not involved in the act or was unaware of it. A prosecution could lead to both a conviction and unlimited penalties.

The Act also introduces ‘Unexplained Wealth Orders’, increased asset recovery powers and extended powers to investigate money laundering.

These significant changes mean senior staff will now be under much more pressure to actively tackle corruption within their organisation and put clear measures in place to prevent it happening in the first place. To avoid falling foul of the law, it is vital that anyone with a responsibility for an entity's tax affairs, be it a company or an individual, fully understands this new legislation and what it means for their organisation.

To help you understand the Act and ensure that your organisation is compliant, we are pleased to announce our brand new half day course, The Criminal Finance Act 2017. This crucial course will guide you through the new corporate offences, how they will operate and the financial penalties and sanctions that can be imposed. Crucially, it will also guide you on how your organisation may establish a defence if it is alleged to have committed an offence under the new Act.

To view a full course description and book your places, go to this page or alternatively you can call us on 0800 435 772.