An Act to amend the Proceeds of Crime Act 2002; make provision in connection with terrorist property; create corporate offences for cases where a person associated with a body corporate or partnership facilitates the commission by another person of a tax evasion offence; and for connected purposes.
The Act received Royal Assent on 27 April 2017.[1] According to its long title, the purpose of the Act is to:
amend the Proceeds of Crime Act 2002; make provision in connection with terrorist property; create corporate offences for cases where a person associated with a body corporate or partnership facilitates the commission by another person of a tax evasion offence; and for connected purposes.
Part 3 of the Act creates the corporate offences of failure of a company or partnership to prevent facilitation of UK tax evasion and failure to prevent facilitation of foreign tax evasion offences. Technically these are two distinct offences, depending on whether the tax which is evaded is UK taxation or foreign taxation. Companies and partnerships are required to take 'reasonable' action to prevent the facilitation of tax evasion and Her Majesty's Revenue and Customs (HMRC), who are responsible for implementation of the legislation, argues that "the procedures that are considered reasonable will change as time passes".[2]
Hong Kong-based law firm, King & Wood Mallesons, has described the Act as "a highly effective piece of legislation".[3]
Applicationsedit
The Act was invoked, less than two weeks after its provisions on "unexplained wealth orders" came into force on 31 January 2018, to freeze £22 million of assets belonging to an unnamed oligarch.[4]
^HMRC, Tackling tax evasion: Government guidance for the corporate offences of failure to prevent the criminal facilitation of tax evasion, Government guidance, 1 September 2017, page 13, accessed 13 November 2017 28 September 2017 at the Wayback Machine
^King & Wood Mallesons, Guide to the Criminal Finances Act 10 November 2021 at the Wayback Machine, published 3 October 2019, accessed 29 June 2020
^Mikhailova, Anna (28 March 2018). "Oligarch's £22m property frozen in crackdown on unexplained wealth, security minister reveals". The Telegraph. ISSN 0307-1235. Retrieved 30 March 2018.
This article relating to law in the United Kingdom, or its constituent jurisdictions, is a stub. You can help Wikipedia by expanding it.
criminal, finances, 2017, parliament, united, kingdom, that, amends, proceeds, crime, 2002, expand, provisions, confiscating, funds, deal, with, terrorist, property, proceeds, evasion, parliamentlong, titlean, amend, proceeds, crime, 2002, make, provision, con. The Criminal Finances Act 2017 c 22 is an Act of the Parliament of the United Kingdom that amends the Proceeds of Crime Act 2002 to expand the provisions for confiscating funds to deal with terrorist property and proceeds of tax evasion Criminal Finances Act 2017Act of ParliamentLong titleAn Act to amend the Proceeds of Crime Act 2002 make provision in connection with terrorist property create corporate offences for cases where a person associated with a body corporate or partnership facilitates the commission by another person of a tax evasion offence and for connected purposes Citation2017 c 22Introduced byAmber Rudd Home Secretary Commons Susan Williams Baroness Williams of Trafford Lords Territorial extent United KingdomDatesRoyal assent27 April 2017Other legislationAmendsProceeds of Crime Act 2002Status Current legislationHistory of passage through ParliamentText of statute as originally enactedRevised text of statute as amendedThe Act received Royal Assent on 27 April 2017 1 According to its long title the purpose of the Act is to amend the Proceeds of Crime Act 2002 make provision in connection with terrorist property create corporate offences for cases where a person associated with a body corporate or partnership facilitates the commission by another person of a tax evasion offence and for connected purposes Part 3 of the Act creates the corporate offences of failure of a company or partnership to prevent facilitation of UK tax evasion and failure to prevent facilitation of foreign tax evasion offences Technically these are two distinct offences depending on whether the tax which is evaded is UK taxation or foreign taxation Companies and partnerships are required to take reasonable action to prevent the facilitation of tax evasion and Her Majesty s Revenue and Customs HMRC who are responsible for implementation of the legislation argues that the procedures that are considered reasonable will change as time passes 2 Hong Kong based law firm King amp Wood Mallesons has described the Act as a highly effective piece of legislation 3 Applications editThe Act was invoked less than two weeks after its provisions on unexplained wealth orders came into force on 31 January 2018 to freeze 22 million of assets belonging to an unnamed oligarch 4 References edit Criminal Finances Act 2017 GOV UK www gov uk Retrieved 30 March 2018 HMRC Tackling tax evasion Government guidance for the corporate offences of failure to prevent the criminal facilitation of tax evasion Government guidance 1 September 2017 page 13 accessed 13 November 2017 Archived 28 September 2017 at the Wayback Machine King amp Wood Mallesons Guide to the Criminal Finances Act Archived 10 November 2021 at the Wayback Machine published 3 October 2019 accessed 29 June 2020 Mikhailova Anna 28 March 2018 Oligarch s 22m property frozen in crackdown on unexplained wealth security minister reveals The Telegraph ISSN 0307 1235 Retrieved 30 March 2018 nbsp nbsp This article relating to law in the United Kingdom or its constituent jurisdictions is a stub You can help Wikipedia by expanding it vte nbsp This finance related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Criminal Finances Act 2017 amp oldid 1124149764, wikipedia, wiki, book, books, library,
