Jersey: processes should be reviewed ahead of new UK financial crime law coming in 2017
07 Dec 2016

Financial services providers must start adapting and expanding compliance procedures to deal with the new UK failure to prevent the facilitation of tax evasion offence that is set to come into force next year, says Ogier’s Head of Regulatory Services.

Partner Nick Williams says that the law – included in last month’s Criminal Finances Bill and expected to be in force by next Autumn – will cover any business that deals with UK taxpayers or has a connection with the UK, and demands personal engagement in the prevention of tax evasion by top level managers.

The new strict liability offence, which targets companies and partnerships that do not have reasonable procedures to stop employees and other people associated with the business from facilitating underlying tax evasion, was developed to address perceived difficulties in prosecuting companies under existing legislation.

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