What is the corporate criminal offence?
The UK Government introduced the CCO, effective from 30 September 2017, as part of the Criminal Finances Act 2017. Organisations which fail to prevent those acting for or on their behalf from facilitating tax evasion face becoming criminally liable themselves.
This legislation must be considered by every organisation doing business in, with, or through the UK.
Aside from the reputational risk of failing to put ‘reasonable procedures’ in place, the corporate criminal offence may result in a criminal prosecution leading to an unlimited financial penalty, a public record of the conviction and potential implications for the ability to trade.
Have you identified the risk to your organisation?