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The Criminal Finances Act 2017 (the “Act”) represents a significant development in the approach to the investigation and prosecution of financial crime in the UK.
From 30 September 2017, businesses will be required to take a more active role in the detection and prevention of potential financial crime, and by this date must have reasonable procedures in place to prevent associated persons from committing tax evasion facilitation offences. Businesses should act now to examine and update their compliance policies and procedures to ensure they are compliant with the Act by 30 September and beyond.
This Dechert “Dirty Money” report explores the key compliance takeaways for UK businesses. In Part One: “A Fistful of Tax Dollars” we explore the new offences of failure to prevent the facilitation of tax evasion; in Part Two: “For a Few Days More” we comment on reform of the suspicious activity reporting regime; and in Part Three “The Good, The Bad and The Wealthy” we summarise the implications of new unexplained wealth orders (UWOs).
Read ' UK Criminal Finances Act 2017: A Dechert "Dirty Money" Report