05 December 2017

Trusts & Trustees article: the criminal offences of failure to prevent tax evasion

Partner Tim Corfield and associate Julia Schaefer have published an article in Trust & Trustees following the UK Criminal Finances Act 2017 (the CFA), along with its newly-focused corporate criminal offences of failure to prevent facilitation of tax evasion, that came into force on 30 September 2017.

Given the extraterritorial ramifications of the CFA, businesses in the UK and those with a UK nexus, especially those in the financial services and accountancy sectors, including branch offices, fiduciaries and trustees, promotors and managers of investment products, and wealth managers, will need to be astute to its challenges and effects, and take what H.M. Revenue & Customs (HMRC) has called a, ‘risk-based and proportionate’ approach to implementation of preventative procedures.

To read the full Trust & Trustees article, please click here.