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Criminal Finances Bill: corporate liability rules net accountants

Companies need to tighten prevention procedures to avoid falling foul of ‘relevant person’ rules in the Criminal Finances Act, particularly when it comes to potential breaches of tax rules. Kevin Hindley, managing director of Alvarez & Marsal Taxand says it is important to establish a robust framework to de-risk from potential prosecution under these provisions

The UK Criminal Finances Act received Royal Assent on 27 April 2017, introducing significant changes to the UK's anti-money laundering regime. It is positioned to gear crime enforcement agencies with new powers to investigate cases to recover the proceeds of crime.

In addition to the regulations already in place under the Bribery Act 2010, one of the key measures as part of the Criminal Finances Act is the introduction of two new criminal offences to tackle the corporate failure to prevent the facilitation of tax evasion. It is expected that these new offences will become effective via Treasury regulations later this year.

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