Criminal Finance Act
3 May 2017
The Criminal Finances Act received Royal Assent on 27 April 2017. This Act will make entities without procedures in place that would prevent anyone providing services on its behalf facilitating tax evasion criminally liable. This will apply whether the loss of tax occurs in the UK or overseas. Conviction can result in an unlimited fine and further sanctions by the UK and overseas regulators.
The new powers represent the latest escalation in the fight against tax evasion.
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