Criminal Finance Bill: the expanding risk of ‘failure to prevent’

Posted on 14 May 2017 by The Manufacturer

Criminal Finance Bill Trade Meeting Stock Image

‘Failure to prevent’ is an increasingly important concept in terms of UK corporate liability. Now the Criminal Finance Bill 2017 adds a new angle – tax evasion. Lucinda Hallan looks at the issues.

This content is for subscribers only. Subscribe now for free to read the full article.

Corporate failure to prevent the facilitation of tax evasion is a three-stage offense. A firm will be guilty when: A taxpayer (an individual, business or other legal entity) commits criminal tax evasion An ‘associated person’ of the firm in question knowingly facilitates this tax evasion, while acting for the firm The firm fails to…