International risk and compliance firm Cordium has launched a solution to help advisory firms cope with the demands of the Criminal Finances Act, which will introduce stricter laws on tax evasion.
The incoming law, which is expected to come into force in September, will make sure financial institutions are held to account for the actions of their employees in respect of tax evasion. The measure introduces two new criminal offences, including one of 'domestic fraud', which criminalises corporations that "fail to put in place reasonable procedures to prevent their representatives from criminally facilitating tax evasion". The new 'overseas fraud' offence meanwhile criminalises corporations that carry out business in the UK but fail to prevent representatives facilitating tax evas...
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