Anti-Tax Evasion (Criminal Finances Act)

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What Will You Learn?

  • The Criminal Finances Act is a significant piece of legislation designed to combat financial crime, specifically targeting tax evasion and money laundering in the United Kingdom. Enacted in 2017, the Act introduces several provisions aimed at holding both individuals and corporations accountable for facilitating tax evasion and other financial crimes.
  • The key provisions of the Criminal Finances Act include:
  • Corporate Criminal Offence (CCO): One of the primary features of the Act is the introduction of the Corporate Criminal Offence, which holds corporations liable if they fail to prevent tax evasion by their employees, agents, or any third parties acting on their behalf. This means that companies can be prosecuted if they do not have adequate procedures in place to prevent tax evasion within their organization.
  • Unexplained Wealth Orders (UWOs): The Act also introduces Unexplained Wealth Orders, which allow law enforcement agencies to investigate and seize assets if individuals cannot explain the source of their wealth.
  • Information Sharing and Cooperation: The Act encourages better collaboration and information sharing between law enforcement agencies, regulatory bodies, and private sector entities to detect and prevent financial crimes.
  • Whistleblowing Protections: The Act provides protections for whistleblowers who report suspicions of tax evasion or other financial crimes, ensuring they are safeguarded from retaliation by their employers.
  • Increased Penalties and Enforcement Powers: The Act increases the penalties for individuals and corporations found guilty of financial crimes, including tax evasion and money laundering, and provides law enforcement agencies with enhanced powers to investigate and prosecute offenders.
  • The audience that might benefit from Anti-Tax Evasion Training, which covers the Criminal Finances Act, includes:
  • Business Owners and Directors: Individuals responsible for running companies need to understand their obligations under the Act and ensure that their organizations have robust procedures in place to prevent tax evasion.
  • Finance and Accounting Professionals: Professionals working in finance and accounting roles must be familiar with the requirements of the Act to ensure compliance within their organizations and help prevent financial crimes.
  • Legal and Compliance Officers: Legal and compliance professionals play a crucial role in ensuring that companies adhere to the provisions of the Criminal Finances Act and implement effective measures to prevent tax evasion and money laundering.
  • Employees at Risk of Exposure to Financial Crime: Employees who handle financial transactions or have access to sensitive financial information should receive training to recognize signs of potential tax evasion or money laundering and understand the procedures for reporting suspicions appropriately.
  • Regulatory and Law Enforcement Authorities: Individuals working in regulatory and law enforcement agencies require training on the provisions of the Act to effectively investigate and prosecute cases of tax evasion and financial crime.
  • Overall, Anti-Tax Evasion Training that covers the Criminal Finances Act is essential for anyone involved in financial activities to understand their responsibilities, mitigate risks, and contribute to the collective effort in combating financial crimes.

Course Content

Anti-Tax Evasion (Criminal Finances Act)

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