Preventing facilitation of tax evasion, money laundering and corruption

What financial institutions need to know about the UK’s new Criminal Finances Act 2017

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Is the UK’s new Criminal Finances Act 2017 on your radar? You may be surprised to learn that it should be.

Under the new law, failure to prevent the facilitation of tax evasion is now a corporate criminal offense (CCO). Unless corporates including financial institutions with UK customers or other activities in the UK can prove that reasonable prevention procedures are in place, they risk criminal conviction. This legislation has extraordinary extraterritorial effect.

A successful public prosecution could result in an unlimited fine, as determined by the court, and additional sanctions by regulators. Minimum requirements set by UK regulator “Her Majesty's Revenue and Customs” (HMRC) for 30 September 2017 include the completion of a risk assessment, definition of mitigating activities and the draft of an implementation plan

Join us at one of EY’s Breakfast session and register until 31 August 2017 to learn more about the new rules, including when and how financial institutions in Switzerland and Liechtenstein could be affected. EY’s specialists from Switzerland and the UK explain the cross-functional implications, discuss genuine use cases and share lessons learned. 

Breakfast (starts at 09:00 AM)

Agenda (09:30 - 11:00 AM)

  • Welcome and introduction
  • Background and applicability of UK’s new Criminal Finances Act 2017
  • Implications of CCO rules to front office & support functions
  • Lessons learned of adequate prevention procedures definition in order to comply with UK Bribery Act
  • Market and industry insights
  • Q&A and discussion
  • Closing