Are you prepared for the new corporate tax evasion offence?

The corporate offence of “failing to prevent the facilitation of tax evasion” came into force on 30 September 2017. Now corporations must ensure that they have developed a plan for implementing “reasonable prevention procedures”.

The offence, introduced under the Criminal Finances Act, makes corporations criminally liable in situations whereby:

  1. There has been criminal evasion of UK or non-UK tax (by either an individual or a legal entity);
  2. an individual, acting on behalf of a corporation, facilitated the tax evasion; and
  3. the corporation did not have reasonable prevention procedures in place (or it is unreasonable to expect such procedures to have been put in place).

The offence is strict liability; meaning that the knowledge or intention of the senior management is irrelevant. If convicted, corporations can face unlimited fines, on top of reputational damage and regulatory sanctions which come with a criminal conviction.

To read the full article click here.

Keep reading

...
OffshoreAlert – Marbella – 19-21 June 2024
We are excited to that our sponsors Grant Thornton UK LLP, Kevin Hellard and Colin Diss are attending and sponsoring OffshoreAlert Marbella! Get ready to experience an unforgettable blend of business and pleasure at OffshoreAlert Marbella 2024! Set against the stunning backdrop of the Kempinski Hotel Bahía in Estepona, Spain, this premier event will take place from June 19-21. Join us to
Read
...
‘Project Prevenirea și Perturbarea’ (Project Prevent & Disrupt (PSP)), Press Release, STOP THE TRAFFIK
With funding from the UK Home Office and British Embassy Bucharest, as well as the International Fraud Group, STOP THE TRAFFIK (STT) launches ‘Project Prevenirea și Perturbarea’ (Project Prevent & Disrupt (PSP)), a programme aiming to disrupt sexual exploitation between Romania and the UK. Right now, the Romania to UK route is heavily run by
Read
...
IFG Flagship Fraud Conference. At the Epicenter! Hong Kong, 25th April 2024!
We were delighted at the success of our Spring Conference which was hosted in Hong Kong by Mishcon de Reya LLP in association with Karas So LLP at the Asia Society. A Welcome Address was given by our IFG Chairman Gary Miller and Kevin So, Partner at Karas So LLP which then followed Ken Peng as our Keynote speaker. We had four great panels
Read
...
Black Swan free-standing orders available in Cyprus!
Introduction ‘Black Swan’ freestanding injunctions in aid of foreign substantive proceedings, have been available in the BVI since 2010, making the BVI a very appealing jurisdiction for claimants seeking to safeguard their interests. However, in May 2020 the Eastern Caribbean Court of Appeal in Broad Idea International Limited v Convoy Collateral Limited BVIHCMAP2019/0026, directly overruled Black Swan. Then,
Read